Asset Management

Vontobel Fund

Investment company under Luxembourg law

Sales Prospectus September 2021

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Contents

Introduction 4 Important Information 4 Distribution Restrictions, in particular Information for Prospective Investors who are US Persons, and FATCA

Provisions 6 Fund Management and Administration 6 Definitions 9

General Part 11 The Fund 11 Notice Regarding Special Risks 13 Investment Objective and Investment Policy 28 Investment and Borrowing Restrictions 28 Determination of the Net Asset Value of Shares 33 Shares 36 Issue of Shares 36 Redemption of Shares 38 Conversion of Shares 40 Transfer of Shares 41 Temporary Suspension of Net Asset Value Calculation, Issues, Redemptions and Conversions of Shares 41 Risk Management Process & Liquidity Risk Management Process 41 Distribution Policy 42 Market Timing and Late Trading 43 Fees and Expenses 43 Taxation 47 General Information 48

Special Part 52 1 Vontobel Fund – Swiss Money 52 2 Vontobel Fund – Euro Short Term Bond 54 3 Vontobel Fund – US Dollar Money 56 4 Vontobel Fund – Swiss Franc Bond 58 5 Vontobel Fund – Green Bond 60 6 Vontobel Fund – EURO Corporate Bond 62 7 Vontobel Fund – Global High Yield Bond 64 8 Vontobel Fund – Bond Global Aggregate 67 9 Vontobel Fund – Eastern European Bond 71 10 Vontobel Fund – Value Bond 74 11 Vontobel Fund – Absolute Return Bond (EUR) 76 12 Vontobel Fund – Absolute Return Bond Dynamic 80 13 Vontobel Fund – Global Convertible Bond 84 14 Vontobel Fund – Sustainable Emerging Markets Local Currency Bond 86 15 Vontobel Fund – Swiss Mid And Small Cap Equity 90 16 Vontobel Fund – Sustainable European Mid and Small Cap Equity 92 17 Vontobel Fund – European Equity 94 18 Vontobel Fund – US Equity 96 19 Vontobel Fund – Global Equity 98 20 Vontobel Fund – Global Equity X 100 21 Vontobel Fund – Global Equity Income 102

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22 Vontobel Fund – Emerging Markets Equity 104 23 Vontobel Fund – Asia Pacific Equity 106 24 Vontobel Fund – Clean Technology 108 25 Vontobel Fund – Energy Revolution 111 26 Vontobel Fund – mtx Sustainable Asian Leaders (ex Japan) 113 27 Vontobel Fund – mtx Sustainable Emerging Markets Leaders 116 28 Vontobel Fund – Smart Data Equity 120 29 Vontobel Fund – Commodity 122 30 Vontobel Fund – Dynamic Commodity 125 31 Vontobel Fund – Non-Food Commodity 128 32 Vontobel Fund – Emerging Markets Debt 131 33 Vontobel Fund – Sustainable Emerging Markets Debt 135 34 Vontobel Fund – Sustainable Global Bond 139 35 Vontobel Fund – Credit Opportunities 141 36 Vontobel Fund – Global Corporate Bond 144 37 Vontobel Fund – Emerging Markets Blend 147 38 Vontobel Fund – Emerging Markets Corporate Bond 150 39 Vontobel Fund – TwentyFour Absolute Return Credit Fund 153 40 Vontobel Fund – TwentyFour Sustainable Short Term Bond Income 156 41 Vontobel Fund – TwentyFour Strategic Income Fund 159 42 Vontobel Fund – Multi Asset Solution 163 43 Vontobel Fund – TwentyFour Monument European Asset Backed Securities 166 44 Vontobel Fund – Vescore Artificial Intelligence Multi Asset 169 45 Vontobel Fund – Multi Asset Defensive 171 46 Vontobel Fund – Vescore Global Equity Multi Factor 173 47 Vontobel Fund – Asian Bond 175 48 Vontobel Fund – Sustainable Emerging Markets Investment Grade Opportunities 178

Vontobel Fund Sales Prospectus Subscription of shares in the Fund is only permitted in conjunction with this Sales Prospectus, the valid Articles of Association and the latest annual report, or semi-annual report, if this is more recent. In addition, key investor information (KIIDs, as defined under 5 "Definitions") shall be made available to pro-spective investors as part of the pre-contractual legal relationship. Further information on the Fund documents may be found in section 22.9 of the General Part of the Sales Prospectus.

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Introduction

VONTOBEL FUND (the "Fund") is an open-ended investment company with variable capital (Société d'Investissement à Capital Variable) incorporated on 4 October 1991 that falls within the scope of application of Part I of the Luxembourg Law of 17 December 2010 on undertakings for collective in-vestment (an undertaking for collective investments in trans-ferable securities, "UCITS"), which implements Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and ad-ministrative provisions relating to undertakings for collective investment in transferable securities into Luxembourg law (the "2010 Law") It has been included in the list of investment companies approved by the CSSF and is supervised by the same body.

The Fund is entered in the commercial register of Luxem-bourg under no. B38170.

The minimum capital required by law is EUR 1,250,000 (one million two hundred and fifty thousand Euros).

The Foreign Account Tax Compliance Act ("FATCA"), a por-tion of the 2010 Hiring Incentives to Restore Employment Act, became law in the United States in 2010. It requires financial institutions outside the US ("foreign financial institutions" or "FFIs") to pass information about "Financial Accounts" held by "Specified US Persons", directly or indirectly, to the US tax authorities, the Internal Revenue Service ("IRS") on an annual basis. A 30% with-holding tax is imposed on certain US source income of any FFI that fails to comply with this require-ment. On 28 March 2014, the Grand-Duchy of Luxembourg entered into a Model 1 Intergovernmental Agreement ("IGA") with the United States of America and a memorandum of un-derstanding in respect thereof. The Fund would hence have to comply with such Luxembourg IGA as implemented into Luxembourg law by the Law of 24 July 2015 relating to FATCA (the "FATCA Law") in order to comply with the provi-sions of FATCA rather than directly complying with the US Treasury Regulations implementing FATCA. Under the FATCA Law and the Luxembourg IGA, the Fund may be re-quired to collect information aiming to identify its direct and in-direct shareholders that are Specified US Persons for FATCA purposes ("reportable accounts"). Any such information on re-portable accounts provided to the Fund will be shared with the Luxembourg tax authorities which will exchange that infor-mation on an automatic basis with the Government of the United States of America pursuant to Article 28 of the conven-tion between the Government of the United States of America and the Government of the Grand-Duchy of Luxembourg for the Avoidance of Double Taxation and the Prevention of Fis-cal Evasion with respect to Taxes in Income and Capital, en-tered into in Luxembourg on 3 April 1996. The Fund intends to comply with the provisions of the FATCA Law and the Lux-embourg IGA to be deemed compliant with FATCA and will thus not be subject to the 30% withholding tax with respect to its share of any such payments attributable to actual and

deemed U.S. investments of the Fund. The Fund will continu-ally assess the extent of the requirements that FATCA and notably the FATCA Law place upon it.

To ensure the Fund's compliance with FATCA, the FATCA Law and the Luxembourg IGA in accordance with the forego-ing, the Fund may:

request information or documentation, including W-8 tax forms, a Global Intermediary Identification Number, if ap-plicable, or any other valid evidence of a shareholder's FATCA registration with the IRS or a corresponding ex-emption, in order to ascertain such shareholder's FATCA status;

report information concerning a shareholder and his ac-count holding in the Fund to the Luxembourg tax authori-ties if such account is deemed a US reportable account under the FATCA Law and the Luxembourg IGA;

deduct applicable US withholding taxes from certain pay-ments made to a shareholder by or on behalf of the Fund in accordance with FATCA and the FATCA Law and the Luxembourg IGA; and

divulge any such personal information to any immediate payor of certain U.S. source income as may be required for withholding and reporting to occur with respect to the payment of such income.

The Fund has currently opted for a deemed-compliant status called collective investment vehicle. The possibility that the Fund will change or relinquish this status in future cannot be ruled out, however. Investors or potential investors who have questions about the Fund's current FATCA status are advised to contact their relationship manager at the relevant distribu-tor.

Important Information

Shares of the Fund are subscribed on the basis of the infor-mation and representations contained in this Sales Prospec-tus, the Fund's Articles of Association and the latest annual report, or semi-annual report if this is more recent.

As pre-contractual information, key investor information (KI-IDs, as defined under 5 "Definitions") shall also be made available to investors. Any other information or representation relating thereto is unauthorized. If you are in any doubt about the contents of this Sales Prospectus please consult your stockbroker, bank, legal or tax advisor or other experts.

The prevailing language for the Sales Prospectus shall be English.

All references to times relate to Luxembourg time, unless oth-erwise indicated.

The Fund and/or its Management Company shall not normally divulge any confidential information concerning the Investor. The Investor agrees that data regarding the investor con-tained in the application form and arising from the business relationship with the Fund and/or its Management Company may be stored, modified or used in any other way by the Fund

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and/or its Management Company for the purpose of adminis-tering and developing the business relationship with the In-vestor. To this end data may be transmitted to the Manage-ment Company’s affiliates, branches, subsidiaries and parent company and each of their respective affiliates, directors, of-ficers or employees (this shall include without limitation Von-tobel Group companies and their employees), delegates and service providers of the Fund and the Management Company, financial advisers working with the Fund and/or its Manage-ment Company, as well as to other companies being ap-pointed to support the business relationship (e.g. external pro-cessing centers, dispatch or paying agents).

Investors are also informed that, in general practice, tele-phone conversations and instructions may be recorded, as proof of a transaction or related communication. Such record-ings will be processed in accordance with data protection law applicable in Luxembourg and shall not be released to third parties, except in cases where the Fund, the Management Company or/and the Administrator, the Depositary or the In-vestment Managers are compelled or entitled by laws or regu-lations or court order to do so.

The Fund and/or any of its delegates and service providers (together “they”) will abide by the requirements of European (“EU”), European Economic Area (“EEA”) and Swiss applica-ble data protection laws and regulations (incl. but not limited to the General Data Protection Regulation, “GDPR”, (EU) 2016/679) regarding the collection, use, transfer, retention, and other processing of Personal Data. In particular, they will not transfer personal data to a country outside of the EU, EEA and Switzerland unless that country ensures an adequate level of data protection, appropriate safeguards are in place or relies on one of the derogations provided for under applica-ble data protection laws and regulations (such as e.g. Article 46 GDPR) and such transfers and safeguards will be docu-mented accordingly (e.g. Article 30(2) GDPR).

If a third country does not provide an adequate level of data protection, then the Fund and/or any of its delegates and ser-vice providers will ensure it puts in place appropriate safe-guards such as e.g. applicable standard model clauses (which are standardized contractual clauses, approved by the European Commission).

Insofar as the data provided by investors includes personal data of their representatives and/or authorized signatories and/or shareholders and/or ultimate beneficial owners, the in-vestors confirm having secured their consent to the pro-cessing of their personal data or unless they cannot rely on consent, they hereby expressly confirm that they may dis-close the personal data to third parties in accordance with ap-plicable data protection laws and regulations and, in particu-lar, to the disclosure of their personal data to, and the processing of their personal data by, the Fund and the Man-agement Company, as data controllers, and the Investment Manager(s), the Depositary, the Administrator, as data pro-cessors, including in countries outside the EU, EEA or Swit-zerland which may not offer a similar level of protection as that under applicable data protection law in Luxembourg. RBC Investor Services Bank S.A., the Administrator of the Fund delegated registrar and transfer agent activities of the Fund within the RBC group.

RBC Investor Services Bank S.A. is part of a company oper-ating globally and delegates activities to their center of excel-lence RBC Investor Services Malaysia Sdn. Bhd, Level 13, Menara 1 Sentrum, No. 201, Jalan Tun Sambanthan, 50470 Kuala Lumpur, Malaysia, or may delegate to any other affiliate of RBC Investor Services Bank S.A. (“Delegates”) in the fu-ture. In connection with the registrar and transfer agent activi-ties, personal data such as identification data, account infor-mation, contractual and other documentation and trans-actional information, to the extent legally permissible, may be transmitted to the affiliated entities, groups of companies or representatives of RBC abroad. Information shared is for the processing of shareholder transactions, corporate actions and key performance indicator reporting.

You are authorized to access data relating to you at reasona-ble intervals free of charge, and may request correction of that data, if necessary. You may contact RBC Investor Ser-vices Bank S.A. at Customerservices@rbc.com to exercise these rights.

The sharing of information described entails the transfer of data to a country which may not provide the same level of personal data protection as is available in the European Eco-nomic Area (currently: Malaysia). The Delegates are required to keep the information confidential and use it only for the pur-poses for which they have been made available to them and appropriate measures have been implemented.

Data subjects such as representatives, and/or authorized sig-natories and/or beneficial owners of investors (the "Data Sub-jects") may request access to, rectification of or deletion of any personal data provided to or processed by any of the par-ties above in accordance with applicable law. In particular, Data Subjects may at any time object, on request and free of charge, to the processing of their personal data for direct mar-keting purposes. Data Subjects should address such requests to the registered office of the Management Company.

For further information about the treatment of your personal data in regard to this or your data subject rights, please con-sult our complete information at: GDPR landing page at: von-tobel.com/gdpr.

The Fund or the Management Company will accept no liability with respect to any unauthorized third party receiving knowledge of and/or having access to the investors' personal data, except in the event of willful negligence or gross mis-conduct of the Fund or the Management Company.

Investors should note that any investor may only exercise his investor rights in full directly against the Fund, in particular the right to participate in annual general meetings, if the investor is entered in the Fund's register of shareholders himself and in his own name. In cases where an investor has invested in the Fund through an intermediary that undertakes the invest-ment in its own name but on behalf of the investor, the inves-tor may not necessarily be able to assert all investor rights di-rectly against the Fund. Investors are therefore advised to enquire as to their rights.

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Distribution Restrictions, in particular Information for Prospective Investors who are US Persons, and FATCA Provisions

The decision on registration or de-registration of any Shares or the Fund or any of its Sub-Funds with any authority in any country is in the sole discretion of the Board of Directors of the Fund. Such a decision can be made by the Board of Di-rectors of the Fund at any time and without providing any rea-sons.

Neither the Fund nor its shares have been registered in the United States of America under the US Securities Act 1933 or the US Investment Company Act 1940. They may not be di-rectly or indirectly offered or sold to US Persons.

As the Fund aims to be FATCA-compliant (see 1 "Introduc-tion" above), it will only accept FATCA-compliant persons as investors. Taking into account the restriction on distribution to US persons set out in the above paragraph, permitted inves-tors within the meaning of the FATCA provisions are therefore the following:

exempt beneficial owners, active non-financial foreign entities (active NFFEs) and financial institutions that are not non-par-ticipating financial institutions.

Should the Fund be required to pay withholding tax, disclose information or incur any other losses because an investor is not FATCA-compliant, the Fund reserves the right, without prejudice to any other rights, to claim damages against the in-vestor in question.

This Prospectus does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicita-tion is not qualified to do so or to anyone to whom it is unlaw-ful to make such offer or solicitation. This Fund/these individ-ual Sub-Funds may only be distributed in countries in which the Fund/respective Sub-Fund is licensed or authorized for distribution by the responsible authorities in the respective country. In all other cases, distribution is only permitted where it is lawful to do so through private placement in accordance with all applicable laws and regulations.

Fund Management and Administration

Vontobel Fund

– Board of Directors

– Chairman

Dominic GAILLARD, Managing Director, Bank Vonto-bel AG, Zurich, Switzerland

– Directors

Philippe HOSS, Partner, Elvinger Hoss Prussen, so-ciété anonyme, Luxembourg;

Dorothee WETZEL, Managing Director, Vontobel As-set Management AG, Zurich, Switzerland;

Ruth BÜLTMANN, Independent Director, Luxembourg

– Registered Office of the Fund

11-13, Boulevard de la Foire, L-1528 Luxembourg

– Management Company

VONTOBEL ASSET MANAGEMENT S.A., 18, rue Erasme, L-1468 Luxembourg

The Board of Directors has appointed Vontobel Asset Man-agement S.A. as the Management Company of the Fund (the "Management Company") and delegated to it the activities re-lating to the investment management, central administration and distribution of the Fund.

The Management Company has further delegated investment management and central administration activities with the agreement of the Fund. The Management Company itself acts as the Global Distributor.

Additionally, the Board of Directors may authorize the Man-agement Company to take decisions on day-to-day manage-ment matters the decision power on which is assigned to the Board of Directors by virtue of the Prospectus.

The Management Company supervises on a permanent basis the activities of the service providers to which it has delegated activities. The agreements concluded between the Manage-ment Company and the service providers concerned provide that the Management Company may give the service provid-ers additional instructions at any time and withdraw their man-dates at any time and with immediate effect, should they con-sider this necessary in the interests of shareholders. The liability of the Management Company as regards the Fund shall not be affected by the delegation.

The Management Company was established on 29 Septem-ber 2000 with the name Vontobel Luxembourg S.A. On 10 March 2004 it was renamed Vontobel Europe S.A., and on 3 February 2014 it was renamed Vontobel Asset Management S.A. It is entered in the commercial register of Luxembourg (Registre de Commerce et des Sociétés) under no. B78142. Its fully paid-up share capital totals EUR 2,610,000. Until 1 April 2015 Vontobel Management S.A. was appointed as the Management Company. On 1 April 2015, this company was merged with Vontobel Asset Management S.A. The latter fully took over the employees, infrastructure and other assets of Vontobel Management S.A. In connection with this, the li-censes already granted to Vontobel Management S.A by the CSSF were also granted to Vontobel Asset Management S.A. to the same extent (see below).

The Management Company is subject to Chapter 15 of the 2010 Law and is also an external manager of alternative in-vestment funds pursuant to Chapter 2 of the Law of 12 July 2013.

The Management Company has established and applies a re-muneration policy which complies, inter alia, with the following principles in a way and to the extent that is appropriate to their size, internal organization and the nature, scope and complexity of its activities:

The remuneration policy is consistent with and promotes sound and effective risk management and does not encour-age risk taking which is inconsistent with the risk profiles or Articles of Association of the Fund.

The remuneration policy is in line with the business strategy, objectives, values and interests of the Management Company

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and the funds that it manages and of the investors in such funds, and includes measures to avoid conflicts of interest.

The assessment of performance is set in a multi-year frame-work appropriate to the holding period recommended to the investors of the Fund in order to ensure that the assessment process is based on the longer-term performance of the Fund and its investment risks and that the actual payment of perfor-mance-based components of remuneration will be spread over the same period.

Fixed and variable components of total remuneration are ap-propriately balanced and the fixed component will represent a sufficiently high proportion of the total remuneration to allow the operation of a fully flexible policy on variable remuneration components, including the possibility to pay no variable remu-neration component.

The remuneration policy is applicable to those categories of staff and delegated staff, including senior management, risk takers, control functions, and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers and whose professional activities have a material impact on the risk pro-files of the Management Company or the Fund.

The up-to-date remuneration policy of the Management Com-pany, including, but not limited to, a description of how remu-neration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits, in-cluding the composition of the remuneration committee, if any, shall be available at vontobel.com/am/remuneration-policy.pdf and a paper copy will be made available free of charge upon request at the Management Company's registered office.

The Members of the Board of Directors of the Management Company are:

– Dominic Gaillard (Chairman), Managing Director, Bank Vontobel AG, Zurich, Switzerland;

– Marko Röder, Managing Director, Bank Vontobel AG, Zu-rich, Switzerland

– Frederik Darras, Executive Director, Vontobel Asset Management S.A., Luxembourg, Grand Duchy of Luxem-bourg ;

– Jean-Christoph Arntz, Independent Director, Luxem-bourg .

The conducting officers of the Management Company are:

– Frederik Darras, Vontobel Asset Management S.A.;

– Vitali Schetle, Vontobel Asset Management S.A.;

– Stephan Schneider, Vontobel Asset Management S.A., Munich Branch;

– Géraldine Mascelli, Vontobel Asset Management S.A.

– Tomasz Wrobel, Vontobel Asset Management S.A.

– Yann Ginther, Vontobel Asset Management S.A.

The Management Company has introduced a procedure to ensure that complaints are dealt with appropriately and swiftly. Complainants may direct complaints at any time to the

address of the Management Company. To enable complaints to be handled expeditiously, complaints should indicate the Sub-Fund and Share Class in which the person making the complaint holds shares in the Fund. Complaints can be made in writing, by telephone or in a client meeting. Written com-plaints will be registered and filed for safekeeping. Verbal complaints will be documented in writing and filed for safe-keeping. Written complaints may be drawn up either in Ger-man or in an official language of the complainant's EU home country.

Information regarding the possibility and procedure of the fil-ing of a complaint may be obtained at vontobel.com/am/complaints-policy.pdf

Information on whether and in what manner the Sub-Funds exercise the voting rights accruing to them is available at von-tobel.com/am/voting-policy.pdf.

The Management Company, certain Investment Managers, and certain Distributors are part of Vontobel Group (the "Affili-ated Person"). Employees and Directors of the Affiliated Per-son may hold shares of the Fund. They are bound by the terms of the respective policies of the Vontobel Group or Affili-ated Person applicable to them.

Investment Managers – Vontobel Asset Management Inc., 1540 Broadway, 38th

Floor, New York, NY 10036, United States of America

– Vontobel Asset Management AG, Gotthardstrasse 43, CH-8022 Zurich, Switzerland

– TwentyFour Asset Management LLP, 8th Floor, The Monument Building, 11 Monument Street, London, EC3R 8AF, United Kingdom

– Vontobel Asset Management S.A., Milan Branch, Piazza degli Affari, 2, I-20123 Milan, Italy

– Vontobel Asset Management S.A., Munich Branch Leopoldstrasse 8-10, 80802 Munich, Germany

– Euronova Asset Management UK LLP, 7-9 North St. Da-vid Street, Edinburgh, Midlothian EH2 1AW, United King-dom

The Management Company has delegated its investment management tasks for some or all of the Sub-Funds to Vonto-bel Asset Management AG, Zurich, a wholly owned subsidiary of Vontobel Holding AG, Zurich. Vontobel Asset Management AG may use the services of its affiliates to act as sub-invest-ment managers.

The Management Company has appointed

– Vontobel Asset Management Inc. as Investment Man-ager for the Sub-Funds Vontobel Fund – European Eq-uity, Vontobel Fund – US Equity, Vontobel Fund – Global Equity, Vontobel Fund – Global Equity X, Vontobel Fund – Global Equity Income, Vontobel Fund – Emerging Mar-kets Equity and Vontobel Fund – Asia Pacific Equity;

– TwentyFour Asset Management LLP as Investment Man-ager for the Sub-Funds Vontobel Fund – TwentyFour Ab-solute Return Credit Fund, Vontobel Fund – TwentyFour Strategic Income Fund, Vontobel Fund – TwentyFour

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Monument European Asset Backed Securities and Von-tobel Fund – TwentyFour Sustainable Short Term Bond Income;

– Euronova Asset Management UK LLP as the Investment Manager for the Sub-Fund Vontobel Fund – Sustainable European Mid and Small Cap Equity.

The Management Company, through its Milan branch man-ages the Sub-Fund Vontobel Fund – Multi Asset Solution.

The Management Company, through its Munich branch, man-ages the Sub-Funds Vontobel Fund – Vescore Artificial Intelli-gence Multi Asset and Vontobel Fund – Vescore Global Eq-uity Multi Factor.

The Investment Managers are monitored by the Management Company.

Sub-Investment Managers:

Vontobel Asset Management S.A., Munich Branch has ap-pointed Vontobel Asset Management AG as sub-investment manager of the Sub-Funds Vontobel Fund – Vescore Artificial Intelligence Multi Asset and Vontobel Fund – Vescore Global Equity Multi Factor and Vontobel Asset Management S.A., Mi-lan Branch, may appoint Vontobel Asset Management AG as Sub-Investment Manager of the Sub-Fund Vontobel Fund – Multi Asset Solution.

Vontobel Asset Management AG may appoint Vontobel Asset Management S.A., Munich Branch as Sub-Investment Man-ager for the Sub-Funds they manage.

Unless specified explicitly to the contrary, any reference in the Sales Prospectus to the Investment Manager shall include the Sub-Investment Manager. The Investment Managers are monitored by the Management Company.

Depositary The Fund has appointed RBC Investor Services Bank S.A. ("RBC"), having its registered office at 14, Porte de France, L-4360 Esch-sur-Alzette, Grand Duchy of Luxembourg, as de-positary bank and principal paying agent (the "Depositary") of the Fund with responsibility for the

safekeeping of the Fund's assets, oversight duties, cash flow monitoring and principal paying agent functions

in accordance with the law and the Depositary Bank and Prin-cipal Paying Agent Agreement and entered into between the Fund and RBC (the "Depositary Bank and Principal Paying Agent Agreement").

RBC Investor Services Bank S.A. is registered with the Lux-embourg Register for Trade and Companies (RCS) under number B47192 and was incorporated in 1994 under the name "First European Transfer Agent". It is licensed to carry out banking activities under the terms of the Luxembourg law of 5 April 1993 on the financial services sector and special-izes in custody, fund administration and related services.

The Depositary has been authorized by the Fund to delegate its safekeeping duties (i) to delegates in relation to other As-sets and (ii) to sub-custodians in relation to Financial Instru-ments and to open accounts with such sub-custodians.

An up to date description of any safekeeping functions dele-gated by the Depositary and an up to date list of the dele-gates and sub-custodians may be obtained, upon request, from the Depositary or via the following website link:

https://apps.rbcits.com/RFP/gmi/updates/Appointed%20sub-custodians.pdf

The Depositary shall act honestly, fairly, professionally, inde-pendently and solely in the interests of the Fund and the Shareholders in the execution of its duties under the law and the Depositary Bank and Principal Paying Agent Agreement.

Under its oversight duties, the Depositary is required to:

– ensure that the sale, issue, repurchase and cancellation of shares effected on behalf of the Fund are carried out in accordance with the law and/or the Articles of Associa-tion of the Fund;

– ensure that the value of shares is calculated in accord-ance with the law and the Articles of Association of the Fund,

– carry out the instructions of the Fund or the Management Company acting on behalf of the Fund, unless they con-flict with the law or the Articles of Association of the Fund,

– ensure that in transactions involving the Fund's assets, the consideration is remitted to the Fund within the usual time limits;

– ensure that the Fund's revenues are allocated in accord-ance with the law and the Articles of Association of the Fund.

The Depositary will also ensure that cash flows are properly monitored in accordance with the law and the Depositary Bank and Principal Paying Agent Agreement.

Depositary Bank's conflicts of interests From time to time conflicts of interests may arise between the Depositary and the delegates, for example where an ap-pointed delegate is an affiliated group company which re-ceives remuneration for another custodial service it provides to the Fund. On an ongoing basis, the Depositary analyzes, based on applicable laws and regulations any potential con-flicts of interests that may arise while carrying out its func-tions. Any identified potential conflict of interest is managed in accordance with the RBC's conflicts of interests policy which is subject to applicable laws and regulation for a credit institu-tion according to and under the terms of the Luxembourg law of 5 April 1993 on the financial services sector.

Further, potential conflicts of interest may arise from the provi-sion by the Depositary and/or its affiliates of other services to the Fund, the Management Company and/or other parties. For example, the Depositary and/or its affiliates may act as the depositary, custodian and/or administrator of other funds. It is therefore possible that the Depositary (or any of its affili-ates) may in the course of its business have conflicts or po-tential conflicts of interest with those of the Fund, the Man-agement Company and/or other funds for which the Depositary (or any of its affiliates) acts.

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RBC has implemented and maintains a management of con-flicts of interests policy, aiming namely at:

– Identifying and analyzing potential situations of conflicts of interest;

– Recording, managing and monitoring the conflict of inter-ests situations either in:

– Implementing a functional and hierarchical segrega-tion making sure that operations are carried out at arm's length from the Depositary business;

– Implementing preventive measures to decline any ac-tivity giving rise to the conflict of interest such as:

– RBC and any third party to whom the custodian functions have been delegated do not accept any investment management mandates;

– RBC does not accept any delegation of the com-pliance and risk management functions.

– RBC has a strong escalation process in place to ensure that regulatory breaches are notified to compliance which reports material breaches to senior management and the board of directors of RBC.

– A dedicated permanent internal audit department provides independent, objective risk assessment and evaluation of the adequacy and effectiveness of internal controls and governance processes.

RBC confirms that based on the above no potential situation of conflicts of interest could be identified.

An up to date information on conflicts of interest policy re-ferred to above may be obtained, upon request, from the De-positary or via the following website link: https://www.rbcits.com/AboutUs/CorporateGovernance/p_In-formationOnConflictsOfInterestPolicy.aspx

Administrator (Central Administration of the Fund) RBC Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette, Luxembourg

With effect from 30 June 2008, the Management Company appointed RBC Investor Services Bank S.A. as Fund Admin-istrator (the "Administrator"). In this capacity, RBC Investor Services Bank S.A. is responsible for calculation of the net asset value of the shares of the Fund and acts as Transfer Agent and Registrar for the Fund. The Transfer Agent and Registrar is responsible for the issue, redemption and conver-sion of shares and for the maintenance of the register of Fund shareholders.

Global Distributor Vontobel Asset Management S.A.

Domiciliary Agent of the Fund RBC Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette, Luxembourg

Auditor Ernst & Young S.A., 35E, avenue J.F. Kennedy, L-1855 Luxembourg, Luxembourg

Legal Advisor of the Fund Elvinger Hoss Prussen, société anonyme, 2, place Winston Churchill, B.P. 425, L-2014 Luxembourg

Paying Agents For information on the paying agent or facility provider availa-ble to you, as the case may be, see section 22.10 ‘Country-specific appendices' or for Italy the subscription form (modulo di sottoscrizione).

Definitions

General Part The General Part of the Sales Prospectus describes the legal and corporate structure of the Fund and common principles applicable to all Sub-Funds.

Special Part The Special Part of the Sales Prospectus contains information with regards to the reference currency, investment objective, investment policy, fees, expenses, commissions, typical in-vestor profile, risk factors, risk classification and the historical performance of each Sub-Fund of the Fund.

Other UCI An undertaking for collective investment within the meaning of Article 1 (2) a) and b) of Directive 2009/65/EC.

Share Classes In accordance with the Articles of Association, the Board of Directors may at any time establish different share classes (hereinafter 'Share Classes' or in the singular form 'Share Class') within any Sub-Fund whose assets are invested col-lectively, but for which a specific subscription or redemption fee structure, general fee structure, minimum investment amount, tax, distribution policy or any other characteristics may be applied.

CSSF The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier.

Money market instruments Instruments that are liquid, usually traded on the money mar-ket and which can be precisely valued at any time.

Regulated Market A market as defined by Directive 2014/65/EU of 15 May 2014 on markets in financial instruments.

2010 Law The Law of 17 December 2010 on undertakings for collective investment, in its respective modified form.

KIID(s) The Key Investor Information Documents (KIIDs) can be ob-tained online at vontobel.com/am.

Member State(s) Member State(s) of the European Union and other states which are party to the Agreement on the European Economic Area within the limits of this Agreement and of related acts.

Sustainable The designation "sustainable" indicates that the Sub-Funds put particular effort into making ESG (environmental, social and governance) criteria an integral part of the investment

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process by directing capital into more sustainable economic activities. Companies or countries that pursue sustainable economic activity are characterized by the fact that they take action to reduce the environmental impact of their own opera-tions, develop or foster sustainable products and services or proactively manage their relationships with their main stake-holders (e.g. staff, clients, lenders, shareholders, government, natural resources, and local communities). In addition, such Sub-Funds may invest in future-oriented themes, sectors and activities, such as renewable energy, energy efficiency or re-source-saving technologies. Individual sectors may be ex-cluded. Since a comprehensive analysis process is required to assess whether the sustainability criteria have been met, the Investment Manager may avail of the support of special-ized rating agencies. Fulfilling all sustainability criteria for all investments cannot be guaranteed at all times.

Sustainable Finance Disclosure Regulation (“SFDR”) means regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-re-lated disclosures in the financial services sector.

Sustainability Risk(s) means an environmental, social or governance event or con-dition that, if it occurs, could cause an actual or potential ma-terial negative impact on the value of the investment. Such risks include, but are not limited to: climate-related and envi-ronmental risks (such as environmental product stewardship, footprint, natural resource management, alignment with local and international targets and laws, Effects of climate change on agriculture or effects of rising sea level); social risks evalu-ated as material for the sector (including, without limitation, matters relating to treatment and welfare of employees, sup-ply chain management, data security & privacy, business eth-ics, severe human rights violation by governments or abuse of civil liberties); governance risks (including, without limitation, business ethics, rights of minority shareholders, independ-ence of board oversight, ownership structures, related party transactions, political stability, economic, political and social framework or government effectiveness); severe sustainability controversies, and violations of international norms.

Sustainability Factor(s) mean environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery matters.

Sustainable Investment means an investment in an economic activity that contributes to an environmental objective, as measured, for example, by key resource efficiency indicators on the use of energy, re-newable energy, raw materials, water and land, on the pro-duction of waste, and greenhouse gas emissions, or on its im-pact on biodiversity and the circular economy, or an investment in an economic activity that contributes to a social objective, in particular an investment that contributes to tack-ling inequality or that fosters social cohesion, social integra-tion and labor relations, or an investment in human capital or economically or socially disadvantaged communities, pro-vided that such investments do not significantly harm any of those objectives and that the investee companies follow good governance practices, in particular with respect to sound management structures, employees relations, remuneration of staff and tax compliance.

EU Taxonomy means regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088.

Green Bond/Social Bond Principles are voluntary process guidelines issued by the International Capital Market Association (ICMA) that recommend transpar-ency and disclosure and promote integrity in the development of the Green Bond and Social Bond markets by clarifying the approach for issuance of a Green Bond respectively a Social Bond. The Green Bond Principles and the Social Bond Princi-ples have the following four core components: (i) use of proceeds, (ii) process for project evaluation and selection, (iii) management of proceeds, and (iv) reporting.

Directive Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regula-tions and administrative provisions relating to undertakings for collective investment in transferable securities, as amended, inter alia, by Directive 2014/91/EU of the European Parlia-ment and of the Council of 23 July 2014 (UCITS).

Reference currency The Reference Currency is the base currency of a Sub-Fund and the currency in which the performance of a Sub-Fund is measured. The Reference Currency is not necessarily identi-cal with the investment currency of the relevant Sub-Fund.

US Person US Persons are persons who are defined as "US Persons" by any US legislative or regulatory acts (mainly the US Securities Act of 1933, as amended).

Transferable Securities – shares in companies and other securities equivalent to

shares in companies (“shares”);

– bonds and other forms of securitized debt (“debt securi-ties”);

– any other negotiable securities which carry the right to acquire any such transferable securities by subscription or exchange.

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The Fund

The Fund was set up as a public limited company under Lux-embourg law and has the specific legal form of an investment company with variable capital (société d'investissement à capital variable - SICAV). A number of different Share Clas-ses may be issued within any single Sub-Fund. The Fund was established on 4 October 1991 for an unlimited duration and is entered in the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés) under the number B38170.

The Fund has its own legal personality.

6.1 Sub-Funds

The Fund is structured as an umbrella Fund, i.e. the Board of Directors may at any time establish one or more Sub-Funds under the umbrella pursuant to the 2010 Law. Each of these Sub-Funds consists of a portfolio of eligible transferable secu-rities or money market instruments, other legally permissible assets as well as of liquid assets, which are managed with the aim to achieve the investment objective of the relevant Sub-Fund and in accordance with its investment policy. The indi-vidual Sub-Funds may differ from each other with respect, in particular, to their investment objectives, investment policy, Share Classes and the value of Share Classes, Reference Currency or other features, as set out in all details in the Spe-cial Part for the relevant Sub-Fund.

Under Luxembourg Law, the assets and liabilities of different Sub-Funds are segregated from each other, so that the claims of shareholders and creditors in relation to each Sub-Fund are limited to the assets of the Sub-Fund concerned.

The shareholders investing in any Sub-Fund are liable only for the amount of their investment in this Sub-Fund.

6.2 Share Classes

The Board of Directors may at any time decide to issue the Share Classes listed below for each Sub-Fund. Share classes may be issued in the reference currency of the Sub-Fund or in alternative currencies. If the alternative currency is hedged against currency fluctuations with respect to the reference currency of the Sub-Fund, this will be indicated by the addi-tion of the letter "H" and the term "hedged" to the name of the Share Class. The net asset value and, accordingly, the perfor-mance of the corresponding hedged shares may differ from the net asset value of the corresponding shares in the refer-ence currency. Further details of available Share Classes can be obtained from the registered office of the Company or the Management Company and are available along with current prices and KIIDs at vontobel.com/am at any time. As noted below, certain Share Classes are reserved for specific inves-tors. Not all Share Classes are available in all countries in which the Fund has been approved for distribution:

Share classes with entitlement to distributions:

– A shares may be subscribed by any type of investor and distribute annually;

– AM shares may be subscribed by any type of investor and distribute monthly;

– AQ shares may be subscribed by any type of investor and distribute quarterly;

– AS shares may be subscribed by any type of investor and distribute semi-annually;

The Board of Directors may, at its sole discretion, resolve on the amounts to be distributed to the shareholders.

The Board of Directors may decide to issue gross distributing share classes which may pay out distributions gross of fees and expenses. To achieve this, all or part of their fees and ex-penses may be paid out of capital, resulting in an increase in distributable income for the payment of dividends to such classes of shares. This may result in distribution of income and, in addition, both realized and unrealized capital gains, if any, and capital attributable to such Shares within the limits set up by Luxembourg law. Distribution of capital represents a withdrawal of part of an investor's original investment. Such distributions may result in a reduction of the net asset value per Share over time and the net asset value per Share may fluctuate more than other Share Classes. These gross distrib-uting share classes will be indicated by the addition of the term "Gross" to the name of the Share Class entitled to distri-butions.

The use of income, and in particular any final distribution amount to be paid out, will be decided for each Share Class by the general meeting of Shareholders of the Fund, which may override the distribution provisions set out in the Pro-spectus.

The Board of Directors may at any time decide to issue Share Classes with entitlement to distribution which are combined with characteristics of the following accumulation Share Clas-ses (e.g. "AQG" share classes). These Share Classes will be entitled to distributions but provide apart from that the same characteristics as accumulation shares.

Share classes not entitled to distributions (accumulation shares):

– B shares may be subscribed by any type of investor and are accumulating (no distribution);

– C shares may be subscribed by any type of investor and are accumulating (no distribution). They are only available through specific distributors;

– E shares may be subscribed only by institutional in-vestors in the sense of Art. 174 par. 2 lett. c) of the Law of 2010 and are accumulating (no distribution). The Board of Directors may at any time decide to close E shares for subscriptions by further investors upon reaching a certain amount of subscription mon-ies. Such amount will be determined per Share Class per Sub-Fund. The Board of Directors reserves the right to determine the Management Fee per Share Class per Sub-Fund.

General Part

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– F shares may be subscribed only by institutional in-vestors in the sense of Art. 174 par. 2 lett. c) of the Law of 2010, which invest and hold at least 20 million in the currency of the Share Class or who have con-cluded a corresponding agreement with a company in the Vontobel Group. F shares are accumulating (no distribution) and shall be issued only by Sub-Funds which envisage a Performance Fee in the Special Part applicable to the relevant Sub-Fund; F shares shall provide a higher management fee than other share classes for institutional investors whereas a Perfor-mance Fee shall not be calculated for and not be charged to the F shares.

– G shares are reserved exclusively for institutional in-vestors in the sense of Art. 174 par. 2 lett. c) of the 2010 Law which invest and hold at least 50 million in the currency of the Share Class. An investor is still considered eligible for this Share Class if the value of his holdings falls below the above minimum holding threshold due to market movements. G Shares are ac-cumulating (no distribution);

– H (hedged) shares may be subscribed by any type of investor and are accumulating (no distribution) and are issued in a currency other than the reference cur-rency of the relevant Sub-Fund. The subscription cur-rency of the Share Class is always hedged against the reference currency of the relevant Sub-Fund. How-ever, the extent of the hedge may slightly fluctuate around the full hedge level;

– PH (partially hedged) shares may be subscribed by any type of investor, are accumulating (no distribution) and are issued in a currency other than the reference currency of the relevant Sub-Fund. PH (partially hedged) shares will seek to hedge only exposure to the proportion of the main investment currency of the portfolio of a Sub-Fund against the currency of the Share Class. Investors should be aware that these Share Classes will retain a level of currency exposure to the other investment currencies of the Sub-Fund portfolio other than the main investment currency. This exposure can be significant. For example: The Refer-ence Currency of a Sub-Fund is USD, the Share Class currency is CHF and the main part of the Sub-Fund’s assets is invested in EUR. This PH CHF Share Class seeks to hedge only the proportion of the EUR portion of the Sub-Fund’s portfolio against CHF. The PH CHF share class thus will retain currency expo-sure to the other investment currencies of the Sub-Fund’s portfolio.

– I shares may be subscribed only by institutional inves-tors in the sense of Art. 174 par. 2 lett. c) of the 2010 Law and are accumulating (no distribution);

– N shares may be subscribed only

– by investors who are prohibited from accepting and retaining inducements from third parties under applicable laws and regulations or court rulings, such as in the United Kingdom and the Netherlands and

– by investors with separate fee arrangements with their clients for the provision of discretionary port-folio management services or independent advice services or who have a separate fee arrangement with their clients for the provision of non-independ-ent advice in cases in which they have agreed not to accept and retain inducements from third par-ties.

The shares are accumulating (no distribution) and do not grant any rebates or retrocessions;

– R shares may be subscribed only by investors who are entitled, according to staff regulations of a Vonto-bel company, to hold shares in their respective ac-count / deposit at Bank Vontobel AG, Zurich, accord-ing to employee terms or who have concluded a special agreement with a Vontobel company. It is therefore possible that these shares will be subscribed and held by persons who have access to non-public, material information in relation to the relevant Sub-Fund. In order to prevent conflicts of interest, the Vontobel Group and associated companies have is-sued corresponding directives, compliance with which is constantly monitored;

– S shares may be subscribed only by institutional in-vestors in the sense of Art. 174 par. 2 lett. c) of the 2010 Law which have concluded a corresponding agreement with a company in the Vontobel Group (in-cluding the Management Company) and are accumu-lating (no distribution). Neither management fee nor performance fee are charged for the S Share Class. Fees, if any, are charged directly by the contracting company in the Vontobel Group to the investor under the aforementioned corresponding agreement.

– U shares may be subscribed by any type of investor and are accumulating (no distribution). Provisions gov-erning issuance of fractions of shares are not applica-ble to U Shares. Converting U Shares into Shares of other Share Classes in the Fund is not permitted;

– V shares are reserved exclusively for institutional in-vestors in the sense of Art. 174 par. 2 lett. c) of the 2010 Law, who are a company in the Vontobel Group or have a cooperation agreement with a company of the Vontobel Group. V Shares are accumulating (no distribution) and do not grant any rebates or retroces-sions to the investors;

– X shares may be subscribed only by institutional in-vestors in the sense of Art. 174 par. 2 lett. c) of the 2010 Law which invest at least 50 million in the cur-rency of the Share Class per initial subscription and who have concluded a corresponding agreement with a company belonging to the Vontobel Group. X shares are accumulating (no distribution);

– Y shares are reserved exclusively for institutional in-vestors in the sense of Art. 174 par. 2 lett. c) of the 2010 Law which invest and hold at least 500 million in the currency of the Share Class. An investor is still considered eligible for this Share Class if the value of his holdings falls below the above minimum holding

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threshold due to market movements. Y Shares are ac-cumulating (no distribution).

The Board of Directors may at any time decide to issue Share Classes which provide a combination of various characteris-tics of Share Classes.

The above-mentioned Share Class types or combinations thereof may contain the additional denominations from "1" to "10". These Shares shall have the same architecture as the Share Classes from which they have been derived, but shall have one or another feature distinguishing them from the Share Classes from which they have been derived. Such spe-cial feature may include distributors who are domiciled in cer-tain countries or carry out their business in those countries and who act on behalf of their own clients (who may be any type of investor) providing they fulfill the general eligibility cri-teria for the relevant Share Class, investors who have con-cluded a corresponding agreement with a company belonging to the Vontobel Group or similar.

There is a required minimum investment and/or holding amount for the acquisition and/or holding of Shares in several Shares Classes as set out above. The Board of Directors or the Management Company, after taking into consideration the equal treatment of the shareholders, have discretion to permit a lower minimum investment/holding amount in individual cases.

If a holder of any Share Class does not or does no longer fulfil the criteria provided for an investor in this Share Class, the Fund shall be entitled to repurchase the shares concerned in accordance with the provisions for redemption in the Sales Prospectus. The shareholder shall be informed that such measure has been taken. Alternatively, the Board may offer to such investor to convert the shares concerned into shares of another Share Class for which the investor fulfils all the eligi-bility criteria.

A number of different Share Classes may be issued within a single Sub-Fund.

A Share Class does not contain a separate portfolio of invest-ments. A Share Class is therefore also exposed to the risks of liabilities that have been entered into for another Share Class of the same Sub-Fund, e.g. from currency hedging when set-ting up hedged Share Classes. The absence of segregation may have a negative impact on the net asset value of non-hedged Share Classes (so-called contagion risk). A list of share classes with a contagion risk is available to investors, upon request, at the registered office of the Management Company and will be kept up-to-date.

Notice Regarding Special Risks

This section describes the main risks that prospective inves-tors should consider prior to investing in the Fund and existing investors should consider when monitoring their investment in the Fund.

The redemption proceeds that the investors receive at the end of the holding period in the Fund shall depend on various circumstances, such as market development, re-ceipt of dividends by the investors during the holding pe-riod, performance of the currency in which the investors

made their investment against the Reference Currency of the relevant Sub-Fund, if different.

It is possible that the redemption proceeds received by investors shall be less than the originally invested amount. It cannot be further ruled out that the investors experience a total loss by investing in the Fund or in any of its Sub-Funds. However, the maximum loss that an in-vestor may incur is limited to this investor’s investment in the relevant Sub-Fund.

The investors' attention is drawn to the fact that past per-formance is no guarantee of future results.

No guarantee can be given that the investment objective of a particular Sub-Fund shall be achieved.

Market Risk

An investment in the Fund is subject to the general risks of in-vestments, namely the risk that the value of the invested capi-tal may decrease in response to the development or prospects of global economy, sectors, industries, individual companies or securities issuers and similar.

Market Disruption Risk

Local, regional or global instability, natural and technical disas-ters, political tension and war, terrorist attacks and cyberat-tacks, and the threat of a local, regional or global pandemic and other kind of disaster may adversely affect the perfor-mance of the local, regional or global economy. These effects include market volatility, market and business uncertainty and closures, supply chain and travel interruptions, the need for employees and vendors to work at external locations, and ex-tensive medical absences. This may result in long-term effects on local, regional and worldwide financial markets and may cause further economic uncertainties in one or more countries, regions or worldwide. It is not possible to predict the effects of significant future events on the global economy and securities markets. A similar disruption of the financial markets could im-pact interest rates, credit risk, inflation and other factors which cannot always be determined and addressed in advance.

Compliance with sanctions

The Management Company operates a program reasonably designed to ensure compliance generally with economic and trade sanctions-related obligations applicable directly to its activities (although such obligations are not necessarily the same obligations that the Fund may be subject to). Such eco-nomic and trade sanctions may prohibit, among other things, transactions with, investments in and the provision of services to, directly or indirectly, certain countries, territories, entities and individuals. These economic and trade sanctions, and the application by the Management Company of its compliance program in respect thereof, may restrict or limit the Fund’s in-vestment activities as no Sub-Fund will invest in financial in-struments issued by sanctioned countries, territories and/or entities.

Liquidity risk

Liquidity risk refers to the inability of a Sub-Fund to sell a se-curity or liquidate a position at its quoted price or market fair value due to such factors as a sudden change in the per-ceived value or credit worthiness of the issuer of a security or

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the security itself resp. of the counterparty to a position or of the position itself, or due to adverse market conditions gener-ally, in particular an adverse change in demand and supply of a security or bid and ask quotes on a position, respectively. Markets where a Sub-Fund's securities are traded could also experience such adverse conditions as to cause exchanges to suspend trading activities. A common consequence of re-duced liquidity of a security resp. of a position is an additional, as opposed to the usual bid-ask spread charged by the bro-kers, discount on the selling resp. liquidation price. In addi-tion, reduced liquidity due to these factors may have an ad-verse impact on the ability of a Sub-Fund to meet redemption requests, or to meet liquidity needs in response to a specific economic event in a timely manner.

In general, securities purchased resp. positions entered into by a Sub-Fund are sufficiently liquid, so that no liquidity is-sues normally arise during the course of the Sub-Fund's busi-ness. However, certain securities might be or become illiquid due to a limited trading market, financial weakness of the is-suer, legal or contractual restrictions on resale or transfer, po-litical or other reasons. Such securities may be for example securities issued by issuers in emerging markets, by small or medium size companies, by companies in small market sec-tors or industries, or high yield/non-investment grade securi-ties.

Securities that are illiquid involve greater risk than securities with more liquid markets. Market quotations for such securi-ties may be volatile and/or subject to large spreads between bid and asked prices as the traders look for a protection from the risk of not being able to dispose of the security or to liqui-date the position they enter into.

Essentially, liquidity risk is a risk that demand and supply of a financial instrument or any other asset is not sufficient to es-tablish a sound market in this instrument or other asset. Ac-cordingly, it may take longer to sell the instrument. The less liquid an instrument, the longer it might take to sell it.

Some Sub-Funds may have a liquidity profile that allows less frequent trading in the relevant Sub-Fund, in particular re-demptions, than daily. Minimum required frequency of the trading in the Fund is bi-weekly, i.e. at least twice a month. The investors should bear this in mind by making their invest-ment decisions. In addition, the settlement of the redemption applications may be significantly longer than the settlement cycles of other instruments which may lead to mismatches in the availabilities of the funds and should, therefore, be taken into account by planning the re-investment of the redemption proceeds.

Potential Trading restrictions In principle, each Sub-Fund will typically make investments for which a liquid market exists or which can otherwise be sold, liquidated or closed at any time within a reasonable pe-riod of time. However, in certain circumstances, the Invest-ment Manager may from time to time receive material non-public information (“MNPI”) on the securities they hold or their issuer. In such a scenario, a particular portfolio manager, in-vestment team or the Investment Manager as a whole which receives MNPI on securities or their issuers, will be restricted from trading the relevant securities until the MNPI is made

publicly available. While it is expected that such trading re-strictions will be limited in time and for only a small number of positions, they may temporarily impact the liquidity or perfor-mance of the relevant Sub-Fund.

Counterparty risk

A Sub-Fund could lose money if the Sub-Fund's counter-party (e.g. the issuer of a fixed income security, or the counterparty to a derivatives contract), is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of coun-terparty risk, which are often reflected in credit ratings. If a se-curity is unrated, a Sub-Fund may invest in such a security if such security is determined by the Investment Managers to be of comparable credit quality to the rated securities in which the Sub-Fund is permitted to invest. With OTC derivatives, there is a risk of a counterparty of a transaction being unable to meet its obligations and/or a contract being terminated, e.g. due to bankruptcy, subsequent illegality or the amendment of statutory tax or accounting regulations vis-à-vis the provisions in force at the time the OTC derivatives contract was con-cluded.

Sustainability

Some Sub-Funds follow an ESG strategy and apply either minimum exclusion criteria and/or certain internal and/or ex-ternal ESG rating assessments which may affect the Sub-Fund’s investment performance positively or negatively since the execution of the ESG strategy may result in foregoing op-portunities to buy certain securities, and/or selling securities due to their ESG-related characteristics.

In assessing the eligibility of an issuer based on ESG re-search, there is a dependence upon information and data from third party ESG research data providers and internal analyses which may be based on certain assumptions or hy-potheses that render it incomplete or inaccurate. As a result, there is a risk of inaccurately assessing a security or issuer. There is also a risk that the Investment Manager may not ap-ply the relevant criteria of the ESG research correctly or that the Sub-Funds could have indirect exposure to issuers who do not meet the relevant criteria. Neither the Fund, nor the Management Company nor the Investment Manager make any representation or warranty, express or implied, with re-spect to the fairness, correctness, accuracy, reasonableness or completeness of an assessment of ESG research and the correct execution of the ESG strategy.

Equities

The main risks associated with investments in equity include in particular high positive correlation of equity markets with the business cycle of the economy. In other words, during the ex-pansion of the economy and growth of gross domestic prod-uct, the equities exhibit growth as well, whereby having an – theoretically – unlimited upside potential. On the other hand, during the economic recession, the equities perform poorly with a potential of the complete loss of the investment.

From the legal perspective, equities are outright positions and constitute, accordingly, an ownership on the issuer in question. This means that an equity holder fully participates in the rele-vant issuer’s operational and other gains and losses. In case

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of third parties’ claims, the paid-in capital and additional capital paid to the company as equity, if any, shall be used to satisfy such claims if the net assets of the company do not suffice to do so. This capital (in addition to the net assets of an issuer) must be used to the extent necessary to satisfy claims of third parties, including its full usage. This would lead to an accord-ing loss of the investment in the issuer in question.

From the corporate finance perspective, equities have the most subordinated status towards other capital lenders of the relevant issuer (e.g. preferred stocks, bonds, money market in-struments). This means that in case of a financial distress of the issuer, the equity holder absorbs losses to the full extent, including the case of the full loss of the investment in the is-suer in question.

The systematic risk of the equity investment is measured by its beta. The beta of the market portfolio equals one.

Investments in Small and Mid Cap Equities

While small and midsize companies may offer substantial op-portunities for capital growth, in particular in the niche exploi-tations or for the portfolio managers pursuing bottom-up strat-egies, they also exhibit substantial risks as compared to the investments in the large cap companies and should be con-sidered speculative.

Securities issued by the small and midsize companies are, normally, more volatile in price than the securities issued by larger companies, especially over the short term, and their bankruptcy rate is, normally, higher than that of the large cap companies. The reasons for the greater price volatility and higher bankruptcy rate include, but are not limited to, the less certain growth prospects of small and midsize companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of small and midsize companies to changing economic conditions, in particular to market correc-tions, market disruptions or economic crises. In addition, small and midsize companies may lack depth of management and lack of access to the external capitalization sources which are usually less available to such companies as com-pared to financing opportunities of larger companies. These constraints may result in limited production development, marketing constraints and inferior capabilities to benefit from economies of scope. Failed projects are likely to have higher financial impact on such companies as compared to the larger companies and may even present a threat to their existence. Small and midsize companies are also more vulnerable to non-financial risks (such as key man risk) as compared to the bigger companies. While the latter are more likely to absorb these risks without any perturbance of the ongoing operations (e.g. because of a significantly deeper pool of internal re-sources), the risks may prove to be disruptive or even threat-ening the existence of small and midsize companies.

Fixed-Income Asset Class

Investments in fixed-income securities are subject to a number of risks. The most significant risks are thereby interest rate risk and credit risk.

The interest rate risk is a risk of a decrease in the value of a fixed-income security if interest rates rise. The portfolio man-ager may observe and actively stir the sensitivity of the fixed-

income security’s price to the change in interest rates (dura-tion) by using derivative instruments.

The credit risk (also, counterparty risk) is the risk that the is-suer of a fixed-income security shall fail to perform a payment when due (default risk) or the rating of such an issuer shall be decreased by a rating agency (downgrade risk) or the yield spread of the issuer to the risk-free rate or other benchmark widens for any other reasons (credit spread risk).

Government debt

Government debt securities are subject to market risk, interest rate risk and credit risk. Governments, particularly in Emerging Markets, may default on their sovereign debt and holders of sovereign debt (including the Sub-Funds) may be requested to participate in the rescheduling of such debt. There is no bank-ruptcy proceeding by which sovereign debt on which a govern-ment has defaulted may be collected in whole or in part. Global economies are highly dependent on one another and the consequences of any default of any sovereign state may be severe and far reaching and could result in substantial losses to a Sub-Fund.

Credit-linked notes

Credit-linked notes are bonds whose redemption value is de-pendent on certain contractually-agreed credit events.

Investments in credit-linked notes are subject to particular risks: (i) a credit-linked note is a debt security that reflects the credit risk of the reference person(s) and of the issuer of the credit-linked note and (ii) there is a risk associated with the payment of the coupon connected to the credit-linked note: when a credit event occurs on the part of a reference person in a basket of credit-linked notes, the coupon to be paid is ad-justed by the correspondingly reduced par value. The remain-ing invested capital and the remaining coupon are thus sub-ject to the risk of further credit events. In extreme cases the entire invested capital may be lost.

Investments in High-Yield Securities

The investment policy of certain Sub-Funds as set out in the Special Part may include investments in higher-yielding and more risky bonds which are generally considered to constitute more speculative investments. These bonds comprise a higher credit risk, higher price fluctuations, a higher risk of loss of capital deployed and of ongoing earnings than bonds with a higher credit rating.

Asset-Backed/ Mortgage-Backed Securities (ABS/MBS)

Asset-backed securities (ABS) are securities issued by spe-cial purpose vehicles (SPV) and are backed by a pool of as-sets, such as auto, student, home equity and other loans, credit card receivables or similar that provide funds for inter-est payments to the ABS investors and for the repayment of the invested principal. In case of mortgage-backed securities (MBS), the securities are secured by a pool of mortgages. The SPV is established with the sole purpose to issue and to administer the ABS/MBS and is fully independent from the en-tity granted the underlying receivables ("off-balance sheet"). One of the main purposes of ABS/MBS is to reallocate credit and prepayment risks among the investors which is achieved by creating different tranches within the securities that have a

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senior-subordinated structure as regards the credit and pre-payment risks. The attention of the investors is drawn to the fact that the structure of the ABS/MBS and the pools backing them are often intransparent and the Sub-Fund may expose a greater credit and prepayment risks (extension or contraction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund.

Risks Associated with the investment in contingent con-vertible instruments (CoCo-Bonds)

Contingent convertible instruments are hybrid instruments with embedded derivatives. In contrast to the convertible bonds in which the embedded options give a right to the bondholder to convert a fixed-income security into an equity of the same issuer, a conversion in the case of CoCo-Bonds (from a fixed-income security into equity) occurs automatically upon a certain pre-defined event or a set of events (a so-called trigger). The conversion takes place at the pre-deter-mined conversion rate.

While the investments in CoCo-Bonds are considered to harvest an above-average yield, the investments may en-tail significant risks.

These risks may include the following:

– Trigger level risk: The trigger levels may differ. Depend-ing on the trigger level in the relevant issue (i.e. the dis-tance between the capital ratio and the trigger level), the likelihood of the occurrence of an event or of a set of events triggering conversion may significantly increase;

– Coupon cancellation: The CoCo-Bonds are structured in a way that coupon payments are entirely discretionary and may be cancelled by the issuer at any point, for any reason and for any period of time. The cancellation may even happen in a going concern without triggering an event of default. Cancelled coupons are not accumu-lated, but are written off;

– Capital structure inversion risk: contrary to classic capital hierarchy, CoCo-Bonds investors may suffer a loss of capital even when equity holders do not;

– Call extension risk: CoCo-Bonds are issued as perpetual instruments, callable at predetermined levels only with the approval of the competent authority;

– Unknown risk: the structure of the instruments is innova-tive yet untested. In particular, it cannot be estimated how the market will react in a stressed environment if a single issuer activates a trigger or suspends coupons on a CoCo-Bond. Should this event be seen by the market as a systematic event, a price contagion and increased volatility over the whole asset class cannot be ruled out;

– Yield/valuation risk: As mentioned above, CoCo-Bonds are considered to have a higher yield as compared to comparable fixed-income instruments (e.g. credit quality of the issuer, maturity) without the features of the CoCo- Bonds. However, the investors should bear in mind that this higher yield may potentially only represent a full or partial complexity premium paid to the CoCo-Bondhold-ers to compensate them for a higher degree of risk.

– Liquidity: The issuance of Coco Bonds is generally lim-ited by regulatory prescriptions, whereas investor base demand may further increase. This might lead to a lim-ited trading market and, besides financial weakness of the issuer, legal or contractual restrictions on resale or transfer, political or other reason, entail reduced liquidity of the CoCo Bonds held by the Sub-Fund(s). A conse-quence of reduced liquidity of a security is an additional discount on the selling respectively liquidation price. In addition, reduced liquidity may account for an adverse impact on the ability of the Sub-Fund(s) to meet redemp-tion requests, or to meet liquidity needs in response to a specific economic event in a timely manner.

Alternative Asset Classes

Investments in the alternative asset classes can be very spec-ulative.

Alternative asset classes, such as commodities, hedge funds, private equity and real estate, are subject to further special risks. In contrast to conventional asset classes like equities, fixed-income, cash or money-market instruments, such invest-ment may be very illiquid and intransparent. It is further possi-ble that the information required for evaluation of such position is either not readily available or strongly biased due to the low reporting obligations for the participants in the markets for al-ternative asset classes. Appraisals are often used which re-sults in the so-called smoothing effect that exhibits an upward bias for returns and a downward bias for volatility and correla-tion of the alternative asset classes. Given that investments in securities issued by such market participants are mostly re-served to professional investors, the former are subject to less strict rules as contrasted to the issuers of securities traded on the regulated markets.

On the other hand, this asset class offers exposure to addi-tional assets (such as commodities and real estate) or em-ploys strategies that are not possible or are restricted within the conventional asset classes and that are strongly depend-ent on the skills of the portfolio manager (such as hedge funds and managed futures) or even a combination of both (such as private equity and distressed securities).

The exposure of UCITS to the alternative asset class is strongly restricted by applicable laws and regulations and may be built up only indirectly (e.g. via derivatives, structured products or other collective investment schemes), if at all.

A detailed description of permitted alternative asset classes and of the instruments via which the exposure to these asset classes may be established is given in the Special Part of the Prospectus.

Before investing in the Fund, the investors should consider that it cannot be ruled out that the recovered amount will be less than the amount originally invested or even that the in-vestment will suffer a total loss. An increased return in com-parison to the return on the traditional asset classes is consid-ered a reward for taking up a higher degree of risk.

Currencies

The investment policy of most Sub-Funds are designed in a way allowing the portfolio manager to invest the assets of the relevant Sub-Fund worldwide. Such investments may expose

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the relevant Sub-Fund to a foreign currency risk, i.e. a risk that the investment currency will depreciate against the refer-ence currency of the relevant Sub-Fund resulting in a detri-mental effect on the performance of the Sub-Fund in ques-tion.

In addition, the investment policy of a Sub-Fund may foresee a possibility for the portfolio manager to take active bets on different currency pairs to generate an additional return (so-called “currency overlay”). A portfolio manager who has a view different to the market expectations on how one or an-other currency is going to evolve in the future may speculate on the currencies that are - in his opinion - mispriced by the market and, so, yield an additional active return if his view turns out to be correct.

Accordingly, currency trading is very speculative and is strongly dependent on the skills of the portfolio manager. In currency trading, the portfolio manager gives up bets against the market forecast in relation to the evolvement of various currencies which (the market forecast), in turn, is based on certain economic rules (see more details below). In case of a correct forecast of the evolvement of the relevant currency pair by the portfolio manager, the fund receives an additional return. Otherwise, the fund suffers a loss.

The spot exchange rate for any freely traded currency pair (free floats) is mainly determined by their demand and supply. A forward rate of any such pair is an unbiased prediction of the future exchange rate of this pair. This prediction takes place based on various economic concepts (such as interest rate parity, purchasing power parity, etc.), certain current and expected future processes and activities (such as fiscal and monetary policies, current and expected inflation, current and expected real GDP growth and other macroeconomic factors) as well as certain market conventions.

Nevertheless, currency strategies entail a significant degree of risk. The development of the exchange rate of a given cur-rency pair may be different from what had been assumed when calculating a forward rate, so that spot prices on cur-rency markets may deviate from forward prices calculated in the past to determine these spot prices. In addition, the cur-rency prices may be determined not only via their respective demand and supply (free float), but also by their fixing on the exchange rate of another currency (fixed foreign exchange or pegged method) or by setting a corridor within which the ex-change rate of a currency shall move with or without a peri-odic adjustment to take into account a stand of the economy in the country issuing the currency in question (semi-pegged method). Some currencies may even be fully or partially re-stricted in their availability on the markets.

Given the complexity of the modern currency exchange mar-kets and special skills for a portfolio manager to produce ac-tive positive return, currency overlay is broadly considered to be a separate asset class.

Before investing in the Fund, the investors should consider that in case of an unfavorable evolvement of the currency market, the active currency trading, in particular currency overlay program, can lead to substantial losses.

Volatility

Volatility is a degree to which a data (e.g. return) within a data set deviates from its long-term mean. It is measured as a so-called standard deviation from the mean and is – simply speaking – a risk that a portfolio manager faces by entering into the position in question.

Volatility plays an important role in the portfolio management process and can serve as an additional source of return by applying various strategies. On the other hand, volatility trad-ing is very speculative and is strongly dependent on the skills of the portfolio manager.

In volatility trading, the portfolio manager gives up bets on the volatility of the market and employs special strategies nor-mally based on derivatives (e.g. straddles or strangles) or structured products. By doing so, no forecast is made on the direction of the market (i.e. bullish or bearish), but on the mar-ket movements as such. In case of a correct forecast by the portfolio manager, the Fund receives an additional return. Otherwise, the Fund suffers a loss.

Due to a high degree of complexity of the strategies and spe-cial know-how of the portfolio manager required to trade vola-tility, volatility may be considered a separate asset class within one or another Sub-Fund.

Before investing in the Fund, the investors should consider that in case of an unfavorable evolvement, active volatility trading can lead to substantial losses.

Absolute Return Strategies

Absolute return strategies aim at achieving a positive return in any market environment, incl. during the times of the bearish markets. Accordingly, absolute return strategies may be very speculative and expose the investors to a higher level of risk as compared to a comparable strategy which, however, does not seek for an absolute return.

These strategies can be applied in various asset classes and in particular in equities and in fixed-income.

Given that absolute return strategies are not investable, there are, normally, no valid benchmarks that can be applied to the vehicles pursuing absolute return strategy.

Given the speculative nature of the absolute return strategies and investors’ expectation of a positive return even in the bearish markets, it cannot be ruled out that the investors ex-perience a total loss by investing in a Sub-Fund pursuing an absolute return strategy.

Leverage

Leverage is any technique magnifying an exposure to an as-set class or to an instrument to which it has been built up. While the gain is multiplied in case the asset class to which leverage has been employed experiences profit (i.e. the per-centage change in return of the leveraged portfolio is greater than the percentage change in return of this portfolio would be if it were unlevered), contrary applies in case this asset class faces loss (i.e. the loss of the Sub-Fund is then also multi-plied).

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The higher the amount of the leverage, the higher is the mag-nification effect. The higher the range of gain and/ or loss, the higher is the magnification effect.

The main source of leverage in the most Sub-Funds is cur-rency hedging. Currency hedging shall include both share class hedging and hedging of positions in the portfolio held in a non-reference currency. Due to the customized nature of FX hedging, any adjustments to these positions do not result in a reduction of exposure to the existing FX hedge contract, but create a new, opposing, contract to arrive at the correct expo-sure. For example, by rolling a FX forward in a hedging pro-cess three transactions take place (one spot and two for-wards) resulting in three times of notionals of each currency in the relevant currency pair. Therefore, any changes will in-crease the notional exposure to the currency pair until the roll date of the relevant FX forwards, regardless of whether they are increasing or reducing actual currency exposure.

Leverage may further arise from the so-called relative value trades. In this type of trades long positions in securities or eli-gible derivatives are combined with short positions in eligible derivatives to achieve a combined gain via relative price ap-preciation of the underlying long asset and relative price de-preciation of the underlying short position. In case such strat-egies are undertaken with underlyings that, normally, exhibit a low level of volatility, such as fixed-income asset class, larger position sizes may be entered into by the portfolio manager which, in turn, may result in higher levels of leverage.

Another source of leverage may result from option positions. The Sub-Funds may, for example, use a multi-leg option strat-egies. The risk on these strategies is small as these positions can be netted. Nevertheless, these positions count for the level of leverage and contribute to its increase as all the legs in the transactions are taken into account. For example, by selling a limited-loss strategy (call or put spread) and a pur-chase of a long put or call, each of the legs of these options shall count towards the leverage increase of the relevant Sub-Fund. For limited loss strategies, leverage shall increase as the position moves into profit and stabilize when it ap-proaches its maximum loss. For unlimited loss strategies, the outcome is symmetrical. However, the portfolio manager shall likely stop out of loss-making trades, while letting profitable ones run into expiry. Consequently, a large number of profita-ble trades that are close to expiry would drive the leverage higher. In addition, should one option in this strategy, because of a sharp move in the market, become in-the-money, the lev-erage of the Sub-Fund would reach its maximum as such strategies would exhibit an exponential profile and become several times higher than it was before the move in the mar-ket.

The leverage may also evolve over time. A number of deriva-tives, such as calls and puts on currencies, bonds, index and volatility futures, listed equity index futures or similar profiles, have a low leverage factor at their inception. In the course of time, in particular, shortly before their expiration or rolling, they may significantly increase in their leverage level (e.g. some OTC derivatives, when unwound, would increase lever-age even though the positions are almost risk-less due to net-ting of both positions).

Derivatives

Financial derivative instruments are financial instruments whose price is determined (derived) from the price of an asset class or another instrument (so-called underlying).

The derivatives can be employed to hedge risks or for the achievement of the investment objective of the relevant Sub-Fund. The use of derivatives may result in a corresponding leverage effect.

The use of derivatives requires not only an understanding of the underlying instrument, but also profound knowledge of the derivatives themselves.

Derivatives may be conditional or unconditional.

Conditional derivatives (so-called contingent claims) are such instruments that give a party to the legal transaction (so-called long position) a right to make use (exercise) of the de-rivative instrument without, however, imposing an obligation upon this party to do so (e.g. an option). Unconditional deriva-tives (so-called future commitments) impose an obligation to provide the service on both parties of the transaction (as a rule, one or several cash flows) at a specific future point in time agreed upon in the contract (e.g. forwards, futures, swaps).

The derivatives may be traded on stock exchanges (so-called, exchange-traded derivatives) or over-the- counter (so-called, OTC derivatives).

In the case of derivatives traded on a stock exchange (e.g. fu-tures), the exchange itself is one of the parties to each trans-action. These transactions are cleared and settled through a clearing house and are highly standardized. In contrast, OTC derivatives (e.g. forwards and swaps) are entered into directly between two counterparties. Accordingly, the credit risk (counterparty risk) of an OTC derivative transaction is signifi-cantly higher than that of an exchange-traded derivative transaction. In contrast to exchange-traded derivatives, they can be designed in a way fully suitable to both parties of the contract.

Use of derivatives is subject to general market risk, credit risk (also, counterparty risk), liquidity risk and settlement risk. In addition to the general description of these types of risks above, derivatives exhibit some specific features in relation to these types of risks that are shortly summarized below.

With derivatives, the credit risk is the risk that a party to a de-rivative contract may not meet (or cannot meet) its obligations under a specific or multiple contracts.

The credit risk for derivatives traded on a stock exchange is, generally speaking, lower than that of OTC derivatives be-cause the clearing house accepts a settlement guarantee. This guarantee is achieved – among others – through settle-ment of outstanding contracts on a daily basis (so-called, mark-to-market) and requirement to provide and maintain an appropriate level of collateral (initial margin, maintenance margin and variation margin) that is calculated by the clearing houses by marking-to-market.

With OTC derivatives, the credit risk may also be reduced by providing collateral or performing other risk mitigation tech-niques, such as portfolio compression.

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In OTC derivative transactions in which no exchange of the underlying asset against the payment is owed (e.g. interest rate swaps, total return swaps, non-deliverable forwards), the obligations of the counterparties are netted and only the dif-ference between both obligations is paid. The credit risk is, therefore, limited in such transactions to that net amount owed by the counterparty to the relevant Sub-Fund.

In OTC derivative transactions in which the underlying asset is exchanged against the payment or against another asset (e.g. currency forwards, currency swaps, credit default swaps), the exchange is carried out on a delivery-versus-pay-ment basis that means that the delivery and the payment– theoretically – take place simultaneously. In practice terms, it cannot, however, be fully ruled out that the Sub-Fund fully performs under the applicable OTC derivative terms without having received the performance owed by the OTC counter-party.

The credit risk can be reduced by depositing collateral. To trade derivatives on a stock exchange, participants must de-posit collateral with a clearing house in the form of liquid funds (initial margin). The clearing house will evaluate (and settle, where appropriate) the outstanding positions of each participant, as well as re-evaluate the existing collateral on a daily basis. If the collateral’s value falls below a certain threshold (maintenance margin), the participant in question will be required by the clearing house to bring this value up to its original level by paying in additional collateral (variation margin). With OTC derivatives, this credit risk may also be re-duced by the respective counterparty providing collateral (see below), by offsetting different derivative positions that were entered into with this counterparty, as well as through a care-ful selection process for counterparties.

However, the nature of these risks may be altered as a result of the special features of the derivative financial instruments, and may in some cases be higher than the risks associated with an investment in underlying instruments.

The risks inherent to the use of derivatives by the Sub-Funds are further reduced by the investment policies applicable to each Sub-Fund.

Despite numerous regulations introduced during the recent years to regulate OTC derivative markets (such as European Market Infrastructure Regulation, Dodd-Frank-Act, etc.), the OTC derivative markets are still not transparent enough. This, in particular in connection with the leverage effect that may be produced by the derivatives, may lead to (significantly) higher losses than estimated.

Some of the risks arising from the use of derivatives that an investment may entail are listed below. Only the principal risks are included in this list. The listing of risks with which an investment in shares in a Sub-Fund is associated entails no claim as to its completeness.

Risks associated with the use of swap agreements

The swap agreement is a structured derivative. Whilst the cautious use of such derivatives can be advantageous, deriv-atives also entail risks which may be greater than with tradi-tional investments. Structured derivatives are complex and may entail high potential losses. The aim is, with the help of

the aforementioned swap agreement, to achieve the Sub-Fund's investment objective.

Swap is one of the special cases of the derivatives dealt in over-the-counter. Thus, the swaps exhibit the risks inherent to the OTC derivatives. In addition, they also entail further spe-cific risks, as described in more details below.

In a swap transaction, two parties agree to exchange cash flows.

In a standard swap transaction, one party receives return on the underlying and, in turn, pays the other party a premium. It is also possible that the parties agree to exchange the returns (or differentials of the returns) on the respective underlying. Likewise, the parties can agree to exchange the underlyings themselves.

One of the most significant risks inherent to the swaps is that it can create synthetic position. So, in a plain vanilla swap, the party paying a premium and receiving performance of a stock or of an index (e.g. equity index) is economically exposed to that stock or index (e.g. equity index and, thus, to the equity market) even though it might be prohibited/ restricted in terms of its investment policy from buying stocks or from taking an exposure to the equity markets. Similarly, an interest rate swap converts a floating-rate position into a fixed-interest po-sition or vice-versa.

In the case of a total return swap, one party transfers the per-formance and total income of a security, portfolio or index to the other party. In return, this party receives either a premium, which may be fixed or variable, or the performance of a differ-ent security, portfolio or index.

Another risk connected to the use of swaps is their complex-ity. So, in case of credit derivatives, a Sub-Fund may make bets on the credit quality of third parties without having any relationship with them. Likewise, swaps can be linked to an-other derivative in a way that they build one single derivative (e.g. swaption).

Given the flexibility of the swaps, this instrument is broadly used by the market participants. Compared to the OTC deriv-ative markets in general, the swap markets are yet less trans-parent, so that it is hardly possible to estimate how deep the market is.

The Sub-Fund may be subject to the risk that a counter-party does not fulfil its obligations under a swap agreement. In such a case the Sub-Fund would receive no payment under the swap agreement and/or the capital guarantee. In assessing the risk, the investor should consider that the counterparty un-der the swap agreement is obliged under regulatory provi-sions to provide the respective Sub-Fund with collateral as soon as the counterparty risk under the swap agreement rep-resents more than 10% of the Sub-Fund's net assets.

Credit Derivatives, in particular Credit Default Swaps

Derivative instruments may further be used to hedge against various credit events associated with a third party (e.g. its de-fault, downgrade, change in a credit spread) or apply return enhancement strategies resulting from such credit events. These, so-called, credit derivatives (in particular, credit default swaps, CDS) are designed in a way that one party (protection

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seller) sells a protection to another party (protection buyer) with an underlying being a security or a basket of securities issued by one or several third parties in return for receipt of a recurring premium from the protection buyer. The Sub-Fund may act as protection buyer or seller, so that credit derivatives may be used by Sub-Funds for hedging (long position) or in-vestment (short position) purposes.

When selling credit default swap protection, the Sub-Fund in-curs a level of credit risk comparable to the direct purchase of the security or basket of securities or directly entering into a position being the underlying of the CDS. In case of the oc-currence of the relevant credit event (e.g. default of the refer-ence party), the protection seller delivers the underlying secu-rity or the basket of securities to the protection buyer or pays to it a pre-determined amount of money.

Economically, such instruments are designed like an insur-ance against credit events.

Structured Products

Structured products, such as certificates, credit-linked notes, equity-linked notes or other similar products involve an issuer structuring the product whose value is intended to replicate, to track, to peg or to be linked in any other way to another secu-rity, a basket of securities, an index or to a direct or a syn-thetic position. To be eligible, the structured products must be sufficiently liquid and issued by first-class financial institutions (or by issuers that offer investor protection comparable to that provided by first-class financial institutions). They must qualify as securities pursuant to Art. 41 (1) of the 2010 Law and must be valued regularly and transparently on the basis of inde-pendent sources. If the source for valuation is not independ-ent or done by the issuer itself, the Fund or an agent duly ap-pointed by the Fund shall verify the valuation provided. Unless these structured products contain embedded deriva-tives pursuant to Art. 42 (3) of the 2010 Law, such products must not entail any leverage effect. The underlying of the em-bedded derivatives contained in such a structured product can only consist in instruments listed in Chapter 9, "Invest-ment and Borrowing Restrictions".

The term structured product encompasses a broad scope of different structuring possibilities, so that different types of risks can apply. Given that structured products are often un-secured and are only backed by the credit of the issuer, they are subject to credit risk of the issuer. As consequence, in-vestments in structured products may yield in significant losses, including total loss. Furthermore, there is normally no deep market for structured products, so that they might be subject to the liquidity risk. Consequently, it might be difficult to sell the structured product even in the normal market envi-ronment or only possible at a significant discount. In addition, the structured products may be highly customised. Accord-ingly, particular attention shall be paid to whether the envis-aged structured product is eligible for an investment and suits the Fund's investment objective and investment policy appro-priately. The structured products also tend to have a very complex and intransparent structure.

Distressed securities

Distressed securities are the securities that are in financial distress or near bankruptcy, typically with a Standard &

Poor´s rating below CCC- (or an equivalent rating from an-other agency)

Investments in distressed securities are very speculative and their outcome strongly depends on the securities selection skills of the portfolio manager.

In the case of the favorable outcome, the investment may yield an attractive return as the distressed securities may ex-perience too high discounts in their price which is not justified by the fair value of the security. Such “higher-than-justified” discounts often result from the fact that many groups of big in-stitutional investors like pension funds, insurance companies, banks, etc. are allowed to invest in distressed securities only to a minor extent or not allowed at all. Also, there is only a small part of research analysts who cover this sector as op-posed to the sector of non-distressed securities which may re-sult in a higher mispricing of the distressed securities as com-pared to the non-distressed securities.

In the reversed case, the total loss may be suffered by the in-vestment if the issuer of the security goes bankrupt and inves-tors do not receive any repayment on their borrowings or re-ceive it only partially.

Distressed securities not only exhibit a higher degree of risk as compared to the risks inherent to the conventional invest-ments in fixed-income securities, but also modify the im-portance of those and even become subject to risk types which are almost irrelevant for the debt securities of good standing. So, the liquidity of the security may become a supe-rior risk as compared to the credit risk or may even be the most significant risk to which the holder of the distressed se-curity is exposed.

Furthermore, a judicial risk gains importance (so-called “J-risk”) in the sector of the distressed securities. As stated above, the distressed securities may be involved in the bank-ruptcy process. During this process, it is usual that several court trials take place. Particular risks arise resulting from the uncertainty of the outcome of this trials, in particular out of the decisions made by the relevant judge.

Stockholders, creditors and other interested parties are all en-titled to participate in bankruptcy or insolvency proceedings and will attempt to influence the outcome for their own benefit. Administrative costs relating to a bankruptcy or insolvency proceedings will be paid out of the debtor’s estate prior to any returns to creditors. Also, certain claims, such as for taxes, may have priority by law over the claims of certain creditors.

In any reorganization or liquidation proceeding relating to the issuer of a distressed security in which a Sub-Fund invests, such Sub-Fund may lose its entire investment or may be re-quired to accept cash or securities with a value less than its original investment. In addition, distressed investments may require active participation by the Investment Manager of a Sub-Fund and its representatives. This may expose a Sub-Fund to litigation risks or restrict the Sub-Fund’s ability to dis-pose of its investments. Under such circumstances, the re-turns generated from the Sub-Fund’s investments may not compensate Shareholders adequately for the risks assumed.

Credit risk gains on importance as compared to the securities issued by companies whose operations are „going concern“.

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Real Estate Investment Trusts

The exposure to real estate can be achieved only indirectly. Real Estate Investment Trust or REIT is an entity that is dedi-cated to owning, and in most cases, managing real estate. This may include, but is not limited to, real estate in the resi-dential (apartments), commercial (shopping centers, offices) and industrial (factories, warehouses) sectors. A closed-ended REIT, the units of which are listed on a Regulated Mar-ket may be classified as a transferable security listed on a Regulated Market thereby qualifying as an eligible investment for a UCITS under the Luxembourg Law.

Real estate values rise and fall in response to a variety of fac-tors, including local, regional and national economic condi-tions, interest rates and tax considerations. When economic growth is slow, demand for property decreases and prices may decline. Property values may decrease because of over-building, increases in property taxes and operating expenses, changes in zoning laws, environmental regulations or haz-ards, uninsured casualty or condemnation losses, general de-cline in neighborhood values, uninsured damages from floods, earthquakes or other natural disasters and acts of ter-rorism, limitations on and variations in rents or changes in in-terest rates. Generally, increases in interest rates will in-crease the costs of obtaining financing, which could directly and indirectly decrease the value of investments in real estate securities. The underlying mortgage loans may be subject to the risks of default or of prepayments that occur earlier or later than expected, and such loans may also include so-called "sub-prime" mortgages.

The value of REITs will also rise and fall in response to the management skill and creditworthiness of the issuer.

Investments in Rule 144A securities

"Rule 144A securities" are securities that are not registered with the US Securities and Exchange Commission (SEC) pur-suant to Rule 144A of the US Securities Act of 1933. These securities are therefore traded outside the markets as defined in section 9.1 and only available for investment by qualified in-stitutional investors (as defined in the US Securities Act of 1933). The Fund and its Sub-Funds may qualify and under certain circumstances may invest up to 100% in Rule 144A securities. These securities may not be subject to official su-pervision or only to restricted official supervision.

Investments in Emerging Markets

Equity markets and economies in emerging markets are gen-erally volatile. Fund investments in certain emerging markets may also be adversely affected by political developments and/or changes in local laws, taxes and exchange controls.

Finally, it may not always be possible to ascertain ownership structures for certain companies in some countries because of an ongoing process of privatization.

The procedures for settling securities transactions are associ-ated with higher risks in the emerging markets than in devel-oped markets. These higher risks are partly due to the fact that the Fund must use brokers and counterparties which do not have a very high level of capitalization, and the safekeep-ing of assets may in some countries be undependable, so that

upon subscription or redemption, Fund shares may be worth less, or more, than at the time they were created.

As the capital markets of Central and Eastern European countries have only been recently established and because banking, registration and telecommunications systems are still underdeveloped, investments in Central and Eastern Europe are subject to certain risks relating to the clearing, settlement and registration of securities transactions usually not encoun-tered when investing in Western countries.

Investments in new markets may be subject, in relation to market, liquidity and information risks to higher risks than nor-mal markets, and thus to higher price fluctuations.

Risks related to investing in China

A Sub-Fund may invest in the People’s Republic of China (“PRC”) including in China A Shares (meaning the shares of PRC-incorporated companies denominated in Renminbi (“RMB”) and listed and traded on the Shanghai Stock Ex-change ("SSE") (the Shanghai Hong Kong Stock Connect Scheme or “Shanghai-HK Connect”) and the Shenzhen Stock Exchange ("SZSE") (the Shenzhen Hong Kong Stock Connect Scheme or “Shenzhen-HK Connect”) (SSE and SZSE referred together as the “Exchanges”) on PRC stock exchanges and/or bonds traded on the China Interbank Bond Market (the "CIBM") (the "CIBM Bonds") via the Bond Con-nect.

Investors should understand that the following is only in-tended to be a brief summary of the key risk factors associ-ated with the relevant investments in the PRC securities mar-ket via Stock Connect, Bond Connect, rather than a complete explanation of all the risks involved in such investments.

Foreign exchange and currency risks

RMB is currently traded in two markets: one in mainland China (onshore RMB, or CNY) and one outside mainland China (primarily in Hong Kong) (offshore RMB, or CNH). Alt-hough CNH and CNY are the same currency, they trade at different rates, and any divergence between CNH and CNY may adversely impact investors.

RMB is not a freely convertible currency and is subject to for-eign exchange control policies of and repatriation restrictions imposed by the Chinese government. Exchange control regu-lations or any changes thereto may cause difficulties in the re-patriation of funds, and the performance of a Sub-Fund’s in-vestments, in particular, may be affected.

Converting foreign currencies into RMB is carried out on the basis of the rate applicable to CNH. The daily trading price of CNH against other major currencies in the inter-bank foreign exchange market is floating in a band around the central par-ity published by the People’s Bank of China (“PBC”). The value of the CNH may differ, perhaps significantly, from the value of CNY due to a number of factors including without lim-itation those foreign exchange control policies and repatriation restrictions applied by the Chinese government from time to time as well as other external factors and market forces.

The CNH market is in early development and there may be periods in which it is difficult for market participants to obtain

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or dispose of CNH. Furthermore, government or regulatory in-tervention in the CNH market may impact the availability and/or convertibility of CNH. In such situations, the exchange rate may fluctuate substantially and it may not be possible to obtain an exchange rate through any customary channel.

For the purpose of investing in the PRC, a Sub-Fund will in-vest primarily in securities denominated in RMB. If a Sub-Fund issues Share Classes denominated in a currency other than RMB, the Sub-Fund will be exposed to currency risk if the Sub-Fund invests in a RMB product due to the need for the conversion of the currency into RMB. The Sub-Fund will also incur currency conversion costs. Even if the price of the RMB asset remains the same when the Sub-Fund purchases it and when the Sub-Fund redeems / sells it, the Sub-Fund will still incur a loss when it converts the redemption / sale proceeds into local currency if RMB has depreciated. Non-RMB based investors are exposed to foreign exchange risk. There is no guarantee that the value of RMB against the in-vestors’ base currencies will not depreciate. Any depreciation of RMB could adversely affect the value of investor’s invest-ment in the Sub-Fund. Under exceptional circumstances, pay-ment of realization proceeds and/or dividend payment in RMB (if any) may be delayed due to the exchange controls and re-strictions applicable to RMB.

PRC Tax Risks

Certain of the Fund’s investments in the PRC are subject to PRC tax liabilities.

Legal and Regulatory Uncertainties

The interpretation and applicability of existing PRC tax laws may not be as consistent and transparent as those of more developed nations, and may vary from region to region. There is a possibility that the current tax laws, regulations, and prac-tice in the PRC may be changed with retrospective effect in the future. Moreover, there is no assurance that tax incentives currently offered to foreign companies, if any, will not be abol-ished and the existing tax laws and regulations will not be re-vised or amended in the future. Any of these changes may re-duce the income from, and/or value of, the shares.

There can be no guarantee that new tax laws, regulations, and practice in the PRC that may be promulgated in the future will not adversely impact the tax exposure of the Fund and/or its shareholders.

The PRC Government has implemented a number of tax re-form policies in recent years. The current tax laws and regula-tions may be revised or amended in the future. Any revision or amendment in tax laws and regulations may affect the af-ter-taxation profit of PRC companies and foreign investors in such companies. There can be no guarantee that new tax laws, regulations, and practice in the PRC that may be prom-ulgated in the future will not adversely impact the tax expo-sure of the Sub-Fund and/or its Shareholders.

Shareholders may, depending on their own circumstances, be subject to PRC tax or taxes in other jurisdictions. The Fund would not be able to guarantee that taxes paid at the Sub-Fund’s level will be attributable to any shareholders for per-sonal tax purposes. Investors should refer to the relevant risk

factors disclosed in the section headed Taxation of this Pro-spectus. Shareholders should seek their own tax advice on their tax position with regard to their investment in the Fund.

Under the PRC Corporate Income Tax law and its implemen-tation rules, if the Fund and/or any of its Sub-Funds is consid-ered as a PRC tax resident enterprise, it will be subject to PRC CIT at 25% on its worldwide taxable income; if the Fund and/or any of its Sub-Funds are considered as a non-PRC tax resident enterprise but has an establishment or place of busi-ness (“PE”) in the PRC, they would be subject to PRC corpo-rate income tax (“CIT”) at 25% on the profits attributable to that PE.

It is the intention of the Management Company to operate the affairs of the Fund such that it should not be treated as tax resident enterprises of the PRC or non-tax resident enter-prises with PE in the PRC for PRC CIT purposes, although this cannot be guaranteed.

Income derived from the PRC by non- PRC tax resident en-terprises that have no establishment or place in the PRC are subject to 10% PRC withholding income tax (“WIT”), unless reduced or exempted under current laws and regulations or relevant tax treaties. Income and gains derived from the PRC may also be subject to value added tax (“VAT”) and relevant surcharges on VAT.

In light of the legal and regulatory uncertainties in the PRC, the Fund reserves the right to make any provision for taxes or to deduct or to withhold an amount on account of taxes (which may be payable by the Sub-Fund to the PRC tax authorities in respect of its investments in the PRC) from assets of the Sub-Fund. Any provision for taxes made by the Fund may be more or less than the Sub-Fund’s actual PRC tax liabilities. If the Sub-Fund does not set aside enough to meet these tax obli-gations, then the shortfall may be debited from the Sub-Fund’s assets to meet its actual PRC tax liabilities. As a re-sult, the income from, and/or the performance of the Sub-Fund may be reduced/adversely affected and the impact/de-gree of impact on the individual shareholders may vary, de-pending on factors such as the level of the Sub-Fund’s provi-sion for taxes and the amount of the shortfall at the relevant time and when the relevant shareholders subscribed for and/or redeemed their Shares in the Sub-Fund.

Dividend and interest

As such, the Fund’s investments in China A Shares and bonds are subject to withholding tax on income (such as divi-dends on, or interest income from, such investments, as the case may be) derived from the PRC, and such withholding tax may reduce the income from, and/or adversely affect the per-formance of certain Sub-Funds.

Stamp Duty

Stamp duty under the PRC laws generally applies to the exe-cution and receipt of all taxable documents listed in the PRC’s Provisional Rules on Stamp Duty. Stamp duty is levied on the execution or receipt in the PRC of certain documents, includ-ing contracts for the sale of China A-Shares traded on the PRC stock exchanges, at the rate of 0.1%. In the case of con-tracts for sale of China A-Shares, such stamp duty is currently imposed on the seller but not on the purchaser.

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PRC Tax circulars

As at the date of this Prospectus, the Chinese tax authorities have issued two tax circulars clarifying, amongst other things, the tax treatment in relation to Stock Connect, China Inter-bank Bond Market and Bond Connect:

– Stock Connect

The Chinese tax authorities have clarified that:

– an exemption from income tax on capital gains ap-plies to trading on Stock Connect (this is stated to be a temporary exemption, but no expiry date is pro-vided);

– normal Chinese stamp duty is payable; and

– a 10% dividend withholding tax will be applied.

– VAT will be exempted on gains derived by Hong Kong and overseas investors (including the Fund) on the trading of PRC A-Shares shares through the Stock Connect.

– CIBM

The Chinese tax authorities have granted VAT exemption on the capital gains derived by qualified non PRC tax residents from the investments through CIBM with effective from 1 May 2016. In addition, according to the Caishui 2018 No. 108, ef-fective from 7th November 2018 to 6th November 2021, there is a three-year tax exemption (including PRC withholding tax, VAT and local surcharges) on the bond interest income de-rived from the CIBM by qualified non-PRC tax residents.

– Bond Connect

According to the Caishui 2018 No. 108, effective from 7th No-vember 2018 to 6th November 2021, there is a three-year tax exemption (including withholding tax, VAT and local sur-charges) on bond interest income derived by qualified non PRC tax residents through Bond Connect. Except for the above, there is no specific regulation released regarding the tax treatment on capital gains through Bond Connect. Without further clarification, Chinese tax authorities may levy withhold-ing tax, VAT as well as the surcharges on bond capital gains.

Risks related to investment in China A Shares

Risks related to trading volumes and volatility

The Exchanges have lower trading volumes than some OECD exchanges and the market capitalizations of listed companies are small compared to those on more developed exchanges in developed markets. The listed equity securities of many companies in the PRC are accordingly materially less liquid, subject to greater dealing spreads and experience ma-terially greater volatility than those of OECD countries. Gov-ernment supervision and regulation of the PRC securities market and of listed companies is also less developed than in many OECD countries. In addition, there is a high measure of legal uncertainty concerning the rights and duties of market participants with respect to investments made through securi-ties systems or established markets.

The existence of a liquid trading market for China A Shares may depend on whether there is supply of, and demand for,

China A Shares. The price at which securities may be pur-chased or sold by the Sub-Fund and the Net Asset Value of the Sub-Fund may be adversely affected if trading markets for China A Shares are limited or absent. The China A Share market may be more volatile and unstable (for example, due to the risk of suspension of a particular stock or government intervention). Market volatility and settlement difficulties in the China A Share markets may also result in significant fluctua-tions in the prices of the securities traded on such markets and thereby may affect the value of the Sub-Fund.

Risk of trading limitations

Securities exchanges in the PRC typically have the right to suspend or limit trading in any security traded on the relevant exchange. In particular, trading band limits are imposed by the stock exchanges on China A Shares, where trading in any China A Share security on the relevant stock exchange may be suspended if the trading price of the security has in-creased or decreased to the extent beyond the trading band limit. A suspension will render it impossible for the relevant In-vestment Manager to liquidate positions and could thereby expose the Sub-Fund to significant losses. Further, when the suspension is subsequently lifted, it may not be possible for the Investment Manager to liquidate positions at a favourable price, which could thereby expose the Sub-Fund to significant losses.Neither the Fund, the Management Company, nor the Investment Manager and/or the Sub-Investment Manager shall be responsible or liable for any such losses.

China A Shares may only be bought from, or sold to, the Sub-Fund from time to time where the relevant China A Shares may be sold or purchased on the Exchanges, as appropriate.

Given that the China A Share market is considered volatile and unstable (with the risk of suspension of a particular stock or government intervention), the subscription and redemption of Shares may also be disrupted.

Trading and disclosure requirements related to investment in China A shares

Local market rules, foreign shareholding restrictions, disclo-sure obligations and the Short Swing Profit Rule

China A Shares of listed companies are subject to different trading rules and disclosure requirements

Under Stock Connect, China A Shares listed companies and trading of China A Shares are subject to market rules and dis-closure requirements of the China A Shares market. Any changes in laws, regulations and policies of the China A Shares market or rules in relation to Stock Connect may af-fect share prices.

The Investment Managers should also take note of the foreign shareholding restrictions and disclosure obligations applicable to China A Shares. Under the current mainland China rules, once an investor holds up to 5% of the shares of a company listed in mainland China, the investor is required to disclose his or her interest within three working days and during which he cannot trade the shares of that company. The investor is also required to disclose any change in his or her sharehold-ing and comply with related trading restrictions in accordance with the mainland China rules. Also, should it exceed 5%, the Fund may not reduce its holdings in such company within 6

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months of the last purchase of shares of such company (the “Short Swing Profit Rule”). If the Fund violates this Short Swing Profit Rule, it may be required by the listed company to return any profits realized from such trading to the listed com-pany. Moreover, under PRC civil procedures, the Fund’s as-sets may be frozen to the extent of the claims made by such PRC company. These risks may greatly impair the perfor-mance of the Sub-Funds.

Investment in China A Shares through derivative instruments or structured products may be taken into account for the cal-culation of the threshold mentioned above. For example, if the Sub-Fund has de facto control over the exercise of the voting rights of the underlying China A Shares in relation to the de-rivative instruments or structured products, even though the Sub-Fund is not the legal owner of these shares, the Sub-Fund is subject to disclosure of interest requirements. If the Sub-Fund has de facto control over the exercise of the voting rights of the underlying shares of a PRC listed company that exceed 5% of the company’s shares, it might be deemed as a 5% shareholder and may be restricted in its trading because of the Short Swing Profit Rule.

Restriction on day trading

Save with a few exceptions, day (turnaround) trading is gen-erally not permitted on the China A Share market. If a Sub-Fund buys China A Shares on a dealing day (T), the Sub-Fund may not be able to sell them until on or after T+1 day.

Investment Restrictions

Investments in China A Shares are also subject to compliance with certain investment restrictions imposed by investment regulations including the following and may affect the relevant Sub-Fund’s ability to invest in China A Shares and carry out their investment objectives:

shares held by each underlying foreign investor (such as a Sub-Fund) which invests (through Stock Connect, or other permissible channels) in one PRC listed company should not exceed 10% of the total outstanding shares of such company; and

aggregate China A Shares held by all underlying foreign investors (such as a Sub-Fund and all other foreign in-vestors) which invest (through Stock Connect, or other permissible channels) in one PRC listed company should not exceed 30% of the total outstanding shares of such company.

If the aggregate foreign shareholding exceeds the 30% threshold, the foreign investors - like the Sub-Fund - con-cerned will be requested to sell the shares on a last-in-first-out basis within five trading days.

Payment of Fees and Expenses

Investors should be aware that owing to repatriation re-strictions, the Sub-Funds may need to maintain high cash bal-ances, including potentially balances held outside the PRC, resulting in less of the proceeds of the Fund being invested in the PRC than would otherwise be the case if such local re-strictions did not apply.

Investments through Shanghai-Hong Kong and Shen-zhen-Hong Kong Stock Connect

Stock Connect is the mutual market access programme through which foreign investors can deal in selected securities listed on a PRC stock exchange through the Hong Kong Stock Exchange (“SEHK”) and the clearing house in Hong Kong, i.e. the Hong Kong Securities and Clearing Company (“HKSCC”).

The securities which can be accessed through the Stock Con-nect programme are, for the time being, all constituent stocks of the SSE 180 Index, the SSE 380 Index and all SSE-listed China A Shares, as well as certain other securities, and se-lected securities listed on the SZSE including any constituent stock of the SZSE Component Index and SZSE Small/Mid Cap Innovation Index which has a market capitalisation of RMB 6 billion or above and all SZSE-listed shares of compa-nies which have issued both China A Shares and H Shares (the “Stock Connect Shares”). It is expected that the list of eligible securities which may be accessed through the Stock Connect programme will develop over time. In addition to the Stock Connect Shares described in this paragraph, a Sub-Fund may, subject to its investment policy, invest in any other security listed on the SSE or SZSE which is made available in the future through the Stock Connect Programme.

Risks linked with dealing in securities in PRC via Stock Con-nect:

To the extent that the Sub-Fund’s investments in the PRC are dealt via Stock Connect, such dealing may be subject to addi-tional risk factors. In particular, Shareholders should note that Stock Connect is a relatively new trading programme. The rel-evant regulations are untested and subject to change. Stock Connect is subject to quota limitations which may restrict the Sub-Fund’s ability to deal via Stock Connect on a timely ba-sis. This may impact the Sub-Fund’s ability to implement its investment strategy effectively. Shareholders should note fur-ther that under the relevant regulations a security may be re-called from the scope of Stock Connect. This may adversely affect the Sub-Fund’s ability to meet its investment objective, e.g. when the Investment Manager wishes to purchase a se-curity which is recalled from the scope of Stock Connect.

Beneficial owner of the Stock Connect Shares

Stock Connect currently comprises a Northbound link, through which Hong Kong and overseas investors like the Sub-Funds may purchase and hold Stock Connect Shares, and a Southbound link, through which investors in mainland China may purchase and hold shares listed on the SEHK. Physical deposit and withdrawal of Stock Connect Shares are not available under the Northbound Trading for the Sub-Funds. The Sub-Funds trade Stock Connect Shares through brokers who are a SEHK exchange participant. These Stock Connect Shares will be held following settlement by brokers or custodians as clearing participants in accounts in the Hong Kong Central Clearing and Settlement System (“CCASS”) maintained by the HKSCC as central securities depositary in Hong Kong and nominee holder. HKSCC in turn holds these Stock Connect Shares of all its participants through a “sin-gle nominee omnibus securities account” in its name regis-

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tered with the China Securities Depository and Clearing Cor-poration Limited (“ChinaClear”), the central securities depos-itary in mainland China.

Because HKSCC is only a nominee holder and not the benefi-cial owner of these Stock Connect Shares, in the unlikely event that HKSCC becomes subject to winding up proceed-ings in Hong Kong, investors should note that these Stock Connect Shares will not be regarded as part of the general assets of HKSCC available for distribution to creditors even under mainland China law. However, HKSCC will not be obliged to take any legal action or enter into court proceed-ings to enforce any rights on behalf of investors in these Shares in mainland China. Foreign Investors like the con-cerned Sub-Funds of the Fund investing through the Stock Connect holding the Stock Connect Shares through HKSCC are the beneficial owners of the assets and are therefore eligi-ble to exercise their rights through the nominee only. Indeed, it is uncertain whether the Chinese courts would recognise the ownership interest of the investors to allow them standing to take legal action against the Chinese entities in case dis-putes arise. This is a complex area of law and the Client should seek independent professional advice.

Not protected by Investor Compensation Fund

Investors should note that any Northbound or Southbound trading under Stock Connect will not be covered by Hong Kong’s Investor Compensation Fund nor the China Securities Investor Protection Fund and thus investors will not benefit from compensation under such schemes.

Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who suffer pecuniary losses as a result of default of a licensed intermedi-ary or authorised financial institution in relation to exchange-traded products in Hong Kong. Examples of default are insol-vency, in bankruptcy or winding up, breach of trust, defalca-tion, fraud, or misfeasance.

Quotas used up

Dealing on Stock Connect is subject to daily quota limitations. Once the daily quota is used up, acceptance of the corre-sponding buy orders will also be immediately suspended and no further buy orders will be accepted for the remainder of the day. Buy orders which have been accepted will not be af-fected by the using up of the daily quota, while sell orders will be continued to be accepted.

Therefore, quota limitations may restrict a Sub-Fund’s ability to invest in Stock Connect Shares on a timely basis, and the relevant Sub-Fund may not be able to effectively pursue its in-vestment strategy.

Difference in trading day and trading hours

Due to differences in public holiday between Hong Kong and mainland China or other reasons such as bad weather condi-tions, there may be a difference in trading days and trading hours in the markets accessible through Stock Connect. Stock Connect will only operate on days when these markets are open for trading and when banks in those markets are open on the corresponding settlement days. So it is possible that there are occasions when it is a normal trading day for the mainland China market but it is not possible to carry out

any Stock Connect Shares trading in Hong Kong. The Invest-ment Managers should take note of the days and the hours during which Stock Connect is open for business and decide according to its own risk tolerance capability whether or not to take on the risk of price fluctuations in Stock Connect Shares during the time when Stock Connect is not trading.

The recalling of eligible stocks and trading restrictions

A stock may be recalled from the scope of eligible stocks for trading via Stock Connect for various reasons, and in such event the stock can only be sold but is restricted from being bought. This may affect the investment portfolio or strategies of the Investment Managers. The Investment Managers should therefore pay close attention to the list of eligible stocks as provided and renewed from time to time by the PRC and Hong Kong authorities.

Under Stock Connect, the Investment Manager will only be al-lowed to sell Stock Connect Shares but restricted from further buying if: (i) the Stock Connect Share subsequently ceases to be a constituent stock of the relevant indices; (ii) the Stock Connect Share is subsequently under “risk alert”; and/or (iii) the corresponding H share of the Stock Connect Share sub-sequently ceases to be traded on SEHK.

The above may not cover all risks related to Stock Connect and any above mentioned laws, rules and regulations are subject to change.

Risk of ChinaClear default

ChinaClear has established a risk management framework and measures that are approved and supervised by the China Securities Regulatory Commission (“CSRC”). Pursuant to the General Rules of CCASS, if China Clear (as the host central counterparty) defaults, HKSCC will, in good faith, seek recov-ery of the outstanding Stock Connect Shares and monies from ChinaClear through available legal channels and through ChinaClear's liquidation process, if applicable.

HKSCC will in turn distribute the Stock Connect Shares and/or monies recovered to clearing participants on a pro-rata basis as prescribed by the relevant Stock Connect authorities. Although the likelihood of a default by ChinaClear is consid-ered to be remote, the Sub-Fund should be aware of this ar-rangement and of this potential exposure before engaging in Northbound Trading.

Risk of HKSCC default

A failure or delay by the HKSCC in the performance of its obli-gations may result in a failure of settlement, or the loss, of Stock Connect securities and/or monies in connection with them and the relevant Sub-Fund and its investors may suffer losses as a result. Neither the Fund, the Management Com-pany, nor the Investment Manager and/or the Sub-Investment Manager shall be responsible or liable for any such losses.

Risks related to investment in CIBM

The CIBM is an over the counter (“OTC”) market outside the two main stock exchanges in the PRC. On the CIBM, institu-tional investors trade sovereign, government and corporate bonds on a one-to-one quote-driven basis. The CIBM ac-counts for more than 95% of outstanding bond values of total trading volume in the PRC.

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The main debt instruments traded on the CIBM include gov-ernment bonds, bond repo, bond lending, PBC bills, and other financial debt instruments.

The CIBM is regulated and supervised by the PBC. The PBC is responsible inter alia for establishing listing, trading, func-tioning rules applying to the CIBM and supervising the market operators of the CIBM.

The CIBM facilitates two trading models: (i) bilateral negotia-tion; and (ii) click-and-deal.

Under the China Foreign Exchange Trading System’ system, which is the unified trading platform for the CIBM, negotiation is applied to all inter-bank products while one-click trading is only applied to cash-bonds and interest rate derivatives.

The market-maker mechanism, whereby an entity ensures bi-lateral quotations for bonds, was officially introduced in 2001 to improve market liquidity and enhance efficiency. Deals through market making can enjoy benefits such as lower trad-ing and settlement costs.

Bond transactions must be conducted by way of bilateral trad-ing through independent negotiations and be concluded on a transaction by transaction basis. Bid and ask prices for pri-mary bond transactions and repurchase interest rates must be determined independently by the parties to the transaction.

Both parties to a transaction shall typically, in accordance with the contract, promptly send instructions for delivery of bonds and funds, and shall have sufficient bonds and funds for deliv-ery on the agreed delivery date.

The China Central Depository & Clearing Co. ltd (“CCDC”) will deliver bonds on time according to the instructions matching with elements sent by both parties to a transaction. Fund clearing banks will handle the appropriation and transfer of bond transaction funds on behalf of participants in a timely manner.

Investors should be aware that trading on the CIBM exposes the Sub-Fund to increased counterparty and liquidity risks.

Settlement risk:

There are various transaction settlement methods in the CIBM, such as the delivery of security by the counterparty af-ter receipt of payment by the Sub-Fund, payment by the Sub-Fund after delivery of the relevant security by the counterparty or simultaneous delivery of security and payment by each party. Although the Investment Managers may be able to ne-gotiate terms which are favourable to the Sub-Fund (e.g. re-quiring simultaneous delivery of security and payment), there is no assurance that settlement risks can be eliminated. Where the counterparty does not perform its obligations under a transaction, the Sub-Fund will sustain losses.

The Sub-Fund may also invest in the Chinese bond market via the exchange market and all bond trades will be settled through ChinaClear. ChinaClear is the PRC’s only securities depository and clearing agency, registered with the State Ad-ministration for Industry and Commerce, and operates under the supervision of the relevant Chinese authorities. As at the date of this Prospectus, although ChinaClear has a registered share capital of RMB 600 million, and a total capital of RMB

1.2 billion, there is a risk that ChinaClear may go into liquida-tion. The SSE and SZSE currently each hold 50% of the reg-istered share capital of ChinaClear, respectively.

ChinaClear has established a designated escrow account to retain securities to be delivered to a receiving participant or funds payable to a delivering participant before settlement.

If a participant defaults in payment of any sum payable to Chi-naClear, ChinaClear has the power to apply the funds availa-ble towards the satisfaction of any amount due to ChinaClear either from (i) cash collateral provided by the defaulting partic-ipant; (ii) cash held in the joint guarantee fund contributed by the defaulting participant; or (iii) cash generated by the sale of securities. The defaulting party will be responsible for the ex-penses and any price differences resulting from the sale of the securities.

If a participant defaults in delivering securities, ChinaClear is entitled to delay the payment due to the delivering participant until the outstanding obligation is satisfied. In addition, Chi-naClear may apply all or any securities (in lieu of the securi-ties that are the subject of the delivery obligations) from the following sources to satisfy the obligations and liabilities of such participant to ChinaClear:

securities furnished by the defaulting party;

securities purchased using the funds in the designated escrow account; or

securities available to ChinaClear from other alternative sources.

Although it is the intention of ChinaClear that it will deliver payment and securities to delivering participant and receiving participants, respectively, a delay may occur if either party fails to fulfil its payment or delivery obligation.

Regulatory Risks

An investment in CIBM Bonds via Bond Connect by a Sub-Fund is subject to regulatory risks. The relevant rules and reg-ulations on investments under Bond Connect are subject to changes which may have potential retrospective effect. In the event that the relevant PRC authorities suspend accounts opening or trading via Bond Connect, a Sub-Fund’s ability to invest in CIBM Bonds will be limited and, after exhausting other trading alternatives, the relevant Sub-Fund may suffer substantial losses as a result.

Moreover, although there is no quota restriction, relevant in-formation about the Sub-Fund’s investments needs to be filed with PBC and an updating filing may be required if there is any significant change to the filed information. It cannot be predicted whether PBC will make any comments on or require any changes with respect to such information for the purpose of filing. If so required, the relevant Sub-Fund will need to fol-low PBC instructions and make the relevant changes accord-ingly, which, may not be in the best interests of the Fund and the Shareholders from a commercial perspective.

Nominee Holding Structure and Ownership

CIBM Bonds invested by a Sub-Fund will be held by the Cen-tral Moneymarkets Unit of the Hong Kong Monetary Authority ("CMU") as the nominee holder, opening nominee account(s)

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with the CCDC and the Shanghai Clearing House ("SHCH"). While the distinct concepts of "nominee holder" and "benefi-cial owner" are generally recognized under the investment regulations, the application of such rules is untested, and there is no assurance that PRC courts will recognize such rules, e.g. in liquidation proceedings of PRC companies or other legal proceedings.

In addition, CIBM Bonds are uncertificated and are held by CMU for its account holders. Physical deposit and withdrawal of CIBM Bonds are not available under the investment regula-tions for the Fund.

Risks related to liquidity and volatility

Market volatility and potential lack of liquidity due to low trad-ing volume of certain debt securities in the CIBM may result in prices of certain debt securities traded on such market fluctu-ating significantly. The Sub-Funds investing in such market are therefore subject to liquidity and volatility risks. The bid and offer spreads of the prices of such securities may be large, and the Fund may therefore incur significant trading and realization costs and may even suffer losses when dis-posing of such investments.

Investments through Bond Connect

A Sub-Fund may purchase fixed income securities which trade on CIBM through Bond Connect (“Bond Connect Se-curities”). Bond Connect is a mutual bond market access link established between Hong Kong and the PRC established by the China Foreign Exchange Trade System & National Inter-bank Fund Centre (“CFETS”), CCDC, SHCH and Hong Kong Exchanges and CMU. It facilitates investment in the CIBM through mutual access and connection arrangements in re-spect of trading, custody and settlement between the related financial infrastructure institutions of Hong Kong and the PRC.

It is governed by rules and regulations as promulgated by the authorities of the People’s Republic of China. Such rules and regulations may be amended from time to time.

To the extent that a Sub-Fund’s investments on the CIBM are made through Bond Connect, such investments may be sub-ject to additional risk factors.

Shareholders should note that Bond Connect is a novel trad-ing program in the PRC. The application and interpretation of relevant investment regulations are largely untested and there is a lack of certainty or guidance as to how any provision of the investment regulations will be applied and interpreted in practice. The investment regulations also give the relevant PRC regulators certain degree of discretion and there is lim-ited precedent or certainty as to how such discretion might be exercised, either now or in the future. In addition, the invest-ment regulations under which a Sub-Fund may invest via Bond Connect are subject to evolvement and there is no as-surance that the investment regulations will not be changed in a way prejudicing the interests of the relevant Sub-Fund.

Moreover, Bond Connect and its technology and risk manage-ment capability have only a short operating history. There is no assurance that the systems and controls of the Bond Con-nect program will function as intended or whether they will be adequate

Under the prevailing regulations in the PRC, eligible foreign investors who wish to invest in Bond Connect Securities may do so via an offshore custody agent approved by the Hong Kong Monetary Authority (“Offshore Custody Agent”), who will be responsible for the account opening with the relevant onshore custody agent approved by the PBC. As the account opening for investment in the CIBM market via Bond Connect has to be carried out via an Offshore Custody Agent, the rele-vant Sub-Fund is subject to the risks of default or errors on the part of the Offshore Custody Agent.

Trading in Bond Connect Securities may be subject to clear-ing and settlement risk. If the PRC clearing house defaults on its obligation to deliver securities/make payment, the Sub-Fund may suffer delays in recovering its losses or may not be able to fully recover its losses.

Investments through Bond Connect are not subject to any quota but the relevant authorities may suspend account open-ing or trading via Bond Connect, and in the absence of CIBM Direct Access, the relevant Sub-Fund’s ability to invest in CIBM will be limited, and the relevant Sub-Fund may not be able to effectively pursue its investment strategy or it may have an adverse effect on the relevant Sub-Fund’s perfor-mance. The relevant Sub-Fund may also suffer losses as a result.

A Sub-Fund’s Bond Connect Securities will be held in ac-counts maintained by the CMU as central securities deposi-tary in Hong Kong and nominee holder. Because CMU is only a nominee holder and not the beneficial owner of Bond Con-nect Securities, in the unlikely event that CMU becomes sub-ject to winding up proceedings in Hong Kong, investors should note that Bond Connect Securities will not be regarded as part of the general assets of CMU available for distribution to creditors even under PRC law. However, CMU will not be obliged to take any legal action or enter into court proceed-ings to enforce any rights on behalf of investors in Bond Con-nect Securities in the PRC. A failure or delay by the CMU in the performance of its obligations may result in a failure of settlement, or the loss, of Bond Connect Securities and/or monies in connection with them and a Sub-Fund and its in-vestors may suffer losses as a result. Neither the Fund, the Management Company, nor the Investment Manager and/or the Sub-Investment Manager shall be responsible or liable for any such losses.

A Sub-Fund’s title or interests in, and entitlements to Bond Connect Securities (whether legal, equitable or otherwise) will be subject to applicable requirements, including laws relating to any disclosure of interest requirement or foreign bondhold-ing restriction, if any. It is uncertain whether the Chinese courts would recognise the ownership interest of the investors to allow them standing to take legal action against the Chi-nese entities in case disputes arise.

Bond Connect Securities may be recalled from the scope of eligible bonds for trading through Bond Connect for various reasons, and in such event such Bond Connect Securities can only be sold but are restricted from being bought. This may affect the investment portfolio or strategies of the Sub-Fund.

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Transactions using Bond Connect are not subject to the Hong Kong investor compensation fund or the China Securities In-vestor Protection Fund.

Investments in Bond Connect Securities are subject to vari-ous risks associated with the legal and technical framework of Bond Connect. Due to differences in public holidays between Hong Kong and the PRC or other reasons such as bad weather conditions, there may be a difference in trading days and trading hours in the markets accessible through Bond Connect. Bond Connect will only operate on days when those markets are open for trading and when banks in those mar-kets are open on the corresponding settlement days. As such, it is possible that there are occasions when it is a normal trad-ing day for the PRC CIBM market but it is not possible to carry out any Bond Connect Securities trading in Hong Kong.

Currency Risks

Foreign investors such as the Sub-Funds may use their own RMB in the offshore market (i.e. CNH) or to convert foreign currencies into RMB in the onshore market to invest in the CIBM Bonds via Bond Connect. If a Sub-Fund intends to use foreign currencies, its CMU member shall engage an RMB settlement bank in Hong Kong on behalf of the Fund for for-eign exchange conversions services in the onshore market. If CIBM Bonds are purchased using foreign currency converted into onshore RMB, upon a sale of the relevant CIBM Bonds, the proceeds of sale remitted out of the PRC are to be con-verted back into the relevant foreign currency. Accordingly, due to the requirement for currency conversion, a Sub-Fund may be exposed to the currency risks mentioned above and will also incur currency conversion costs.

Risk of CMU / CCDC / SHCH Default

A failure or delay by CMU, CCDC or SHCH in the perfor-mance of their respective obligations may result in a failure of settlement, or the loss, of CIBM Bonds and/or monies in con-nection with them and the relevant Sub-Fund may suffer losses as a result.

Investment Objective and Investment Policy

The investment objective and investment policy of each Sub-Fund are defined in the Special Part.

The investment currency or currencies of a Sub-Fund are not necessarily identical to its Reference Currency or to the alter-native currencies in which Share Classes of the Sub-Fund may be issued.

Investment and Borrowing Restrictions

The Articles of Association provide that the Board of Directors shall, in consideration of the risk distribution principle, define the corporate and investment policy of the Fund and the in-vestment restrictions.

The following investment restrictions apply to all Sub-Funds, unless otherwise stipulated for any Sub-Fund in the Special Part:

9.1 Financial instruments used by individual Sub-Funds

Depending on the specific investment policy of the individual Sub-Funds, it is possible that some of the instruments listed below will not be acquired by certain Sub-Funds.

For each Sub-Fund, the Fund may solely invest in one or more of the following instruments:

securities and money market instruments listed or traded on a Regulated Market;

securities and money market instruments traded on an-other market in a Member State that is recognized, regu-lated, publicly accessible and operates in a due and or-derly fashion;

securities and money market instruments that have ob-tained an official listing on a securities exchange in a country which is not an EU Member State, or are traded on another market that is recognized, regulated, publicly accessible and operates in a due and orderly fashion;

Securities and money market instruments from new is-sues, provided the terms of issue include the obligation to submit a request for a listing on a securities exchange or to trade on a regulated market as defined under provi-sions 9.1 a) to c) and approval is granted within one year following issue.

Units of UCITS in accordance with the applicable guide-line or other UCIs registered in a Member State, or other-wise, provided

these other UCIs are licensed according to regulations requiring official supervision which in the opinion of the CSSF is equivalent to that under EU Community law, and cooperation between the authorities is sufficiently guaranteed;

the level of protection of shareholders in the other UCI is equivalent to the level of protection of shareholders of a UCITS, and in particular the provisions for separate man-agement of the Fund's assets, borrowing, credit alloca-tion and short-selling of securities and money market in-struments are equivalent to the requirements of Directive;

the activities of the other UCIs are subject to semi-annual and annual reporting which permit a judgement to be made on the assets and liabilities, earnings and transac-tions within the reporting period;

the Articles of Association of the UCITS or the other UCI whose shares are being acquired stipulate that it may in-vest a maximum of 10% of its assets in the shares of other UCITS or other UCIs.

sight deposits or callable deposits with a maximum term of twelve months with credit institutions, provided the credit institution in question has its registered office in a Member State or, if the registered office of the credit insti-tution is in a third state, provided it is subject to supervi-sory provisions that the CSSF holds to be equivalent to those of Community law;

derivative financial instruments, including equivalent in-struments settled in cash that are traded on one of the markets mentioned in section 9.1 a) to c) and/or derivative

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financial instruments not traded on an ex-change (OTC derivatives), provided

the underlying securities are instruments as defined in this section 9.1 a) to h), financial indices, interest rates, exchange rates or currencies in which the relevant Sub-Fund is permitted to invest as set out in its investment policy in the Special Part;

with regard to transactions involving OTC derivatives, the counterparties are institutions from categories subject to official supervision which have been approved by the CSSF;

the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and may at any time upon the initiative of the Sub-Fund in question be sold, liquidated or closed out via an offsetting transaction; and

the relevant counterparty is not granted any discretion over the composition of the portfolio managed by the rel-evant Sub-Fund (e.g. in the case of a total return swap or other derivative with similar characteristics) or over the underlying of the relevant derivative instrument;

Money market instruments that are not traded on a Regu-lated Market and do not fall under the definitions listed in section 5 "Definitions", as long as the issue or issuer of these instruments is itself subject to the provisions gov-erning depositary and investor protection, and provided they

issued or guaranteed by a central government, regional or local body or central bank of a Member State, the Eu-ropean Central Bank, the European Union or the Euro-pean Investment Bank, a third state or in the case of a federal state, a member state of the federation, or by an international public law institution to which at least one Member State belongs, or

are issued by a company whose securities are traded on the markets defined under 9.1 a) to c) above, or

are issued or guaranteed by an institution, that is subject to regulatory supervision in accordance with the criteria set out under EU law, or an institution that is subject to and adheres to supervisory provisions that the CSSF holds to be at least as strict as those under EU law, or

issued by other borrowers which belong to a category approved by the CSSF, provided that for investments in these instruments there are provisions for investor pro-tection which are equivalent to 9.1 h) i) to iii) and pro-vided the issuer is either a company with equity capital of at least ten million euros (EUR 10,000,000), which draws up and publishes its annual report in accordance with the provisions of the fourth Directive 78/660/EEC, or a legal entity comprising one or more listed companies which is responsible for the financing of the group, or a legal en-tity where security-backed liabilities are to be financed by use of a line of credit granted by a bank.

9.2 Other permitted financial instruments

Each Sub-Fund may depart from the investment restrictions set out in 9.1 above by:

investing up to 10% of its net assets in securities and money market instruments other than those mentioned under 9.1;

holding up to 49% of its net Fund assets in liquid assets; in certain exceptional cases, these Sub-Funds may also hold a share in excess of 49% if and insofar as this ap-pears expedient in the interests of shareholders.

borrowing the equivalent of up to 10% of its net assets for a short period. Covering transactions in connection with the writing of options or the purchase or sale of forward contracts and futures are not deemed to constitute bor-rowing for the purposes of this investment restriction;

acquiring foreign currency as part of a "back-to-back" transaction.

9.3 Investment restrictions to be complied with

A Sub-Fund may invest no more than 10% of its net as-sets in securities or money market instruments from the same issuer. A Sub-Fund may invest no more than 20% of its net assets in deposits with the same institution. The counterparty's default risk in transactions of a Sub-Fund involving OTC derivatives may not exceed 10% of its net assets, if the counterparty is a credit institution as de-scribed in 9.1 f). In other cases, the limit is a maximum of 5% of the Sub-Fund's net fund assets.

The total value of the securities and money market instru-ments of issuers in which the Sub-Fund has invested more than 5% of its net assets may not exceed 40% of the value of its net assets. This limit does not apply to de-posits and transactions involving OTC derivatives carried out with a financial institution which is subject to official supervision. Irrespective of the individual upper limits indicated in 9.3 a), a Sub-Fund may invest with one and the same institu-tion up to 20% of its net assets in a combination of

– securities or money market instruments issued by this institution;

– deposits with this institution and/or

– investing in OTC derivative transactions effected with this institution.

The upper limit indicated in 9.3 a) sentence 1 is increased to a maximum of 35% if the securities or money market in-struments are issued or guaranteed by a Member State or its territorial authorities, by a third state or by international public law institutions to which at least one Member State belongs.

The upper limit indicated in section 9.3 a), sentence 1 rises to a maximum of 25% for specific bonds if these are issued by a credit institution with registered office in a Member State, and which is subject to specific official su-pervision on the basis of the legal provisions for the pro-tection of holders of these bonds. In particular, the pro-ceeds from the issue of these bonds must in accordance with legal provisions be invested in assets which during the entire term of the bonds adequately cover the liabili-ties arising therefrom and which are allocated for the due repayment of capital and the payment of interest in the event of the default of the issuer.

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If a Sub-Fund invests more than 5% of its net assets in bonds as defined in this sub-section that are issued by one and the same issuer, the total value of these invest-ments may not exceed 80% of the value of the Sub-Fund´s net assets.

The securities and money market instruments mentioned in 9.3 c) and d) are not included when applying the invest-ment limit of 40% provided in 9.3 b). The limits indicated in 9.3 a), b), c) and d) may not be added together; accordingly, pursuant to 9.3 a), b), c) and d), investments made in securities and money market in-struments from one and the same issuer or in deposits with those issuers or in derivatives from the same, may not exceed 35% of the net assets of the Sub-Fund in question. Companies which belong to the same group of companies with regard to the preparation of consolidated accounts within the meaning of Directive 83/349/EEC or under rec-ognized international accounting rules, are regarded as a single issuer when calculating the investment limits pro-vided in 9.3 a) to e). A Sub-Fund may cumulatively invest up to 20% of its net assets in securities and money market instruments of one and the same group of companies.

Notwithstanding the investment limits established in 9.3 m) and n) below, the upper limits indicated in 9.3 a) to e) for investments in equities and/or bonds of one and the same issuer shall not exceed 20% if the Sub-Fund's in-vestment strategy aims to replicate an equity or bond in-dex recognized by the CSSF which fulfils the following conditions: The condition for this is that

– the composition of the index is sufficiently diversified;

– the index represents an appropriate reference for the market to which it relates;

– the index is published in a suitable manner.

The limit established in 9.3 f) amounts to 35% provided this is justified due to extraordinary market circumstances, particularly on Regulated Markets where certain securities or money market instruments are extremely dominant. An investment up to this upper limit is only possible with a single issuer.

The financial index used as the underlying index for a de-rivative shall be a single index that meets all requirements set down under the 2010 Law and those of the CSSF.

Irrespective of the provisions under 9.3 a) to e), each Sub-Fund may, according to the principle of risk di-versification, invest up to 100% of its net assets in dif-ferent transferable securities and money market in-struments issued or guaranteed by a Member State or its regional bodies or by an OECD member state, Sin-gapore, Brazil, Russia, Indonesia and South Africa or international public law organizations to which one or more EU Member States belong, provided that (a) such securities come from at least six different issues and (b) no more than 30% of the net assets of the Sub-Fund in question are invested in securities from one and the same issue.

Unless indicated otherwise in the Special Part, a Sub-Fund may not invest more than 10% of its net assets in

other UCITS and/or other UCIs. Should a Sub-Fund be permitted to invest more than 10% of its net assets in other UCITS and/or other UCIs, it may acquire shares of other UCITS and/or other UCIs within the meaning of 9.1 e) if it does not invest more than 20% of its net assets in one and the same UCITS or another UCI. In applying this investment limit, each Sub-Fund of an um-brella fund as per the 2010 Law is to be regarded as an independent issuer, provided the principle of the individual liability of each Sub-Fund with respect to third parties ap-plies.

Investments in shares of other UCIs as UCITS may not in total exceed 30% of the net assets of a Sub-Fund. If a Sub-Fund has acquired shares in a UCITS and/or other UCIs, the investment values of the UCITS or other UCIs shall not be taken into consideration in relation to the upper limits indicated in 9.3 a) to e). If a Sub-Fund acquires shares of other UCITS and/or other UCIs, which are managed by the same manage-ment company or another company that is affiliated with the management company, the Fund may not charge fees for the subscription or redemption of shares of other UCITS and/or other UCIs. With regard to the investments of a Sub-Fund in UCITS and other UCIs connected with the Management Com-pany as described in the previous paragraph, the total amount of management fees (less performance fees if there are any) charged to the Sub-Fund and any affected UCITS or other UCIs for may not exceed 5% of the net assets managed accordingly. A statement will be made in the annual report as to the maximum extent of the share of management fees which is to be borne by the Sub-Fund concerned and the UCITS and other UCIs in which the Sub-Fund has invested in the relevant period. However, if a Sub-Fund invests in shares of a UCITS and/or other UCIs which are launched and/or managed by other companies, it should be noted that issuing, conver-sion and redemption fees may be charged for these target funds. The issuing, conversion and redemption fees paid by the relevant Sub-Fund are set out in the relevant ac-counting report.

If a Sub-Fund invests in UCITS and/or other UCIs, the Sub-Fund assets will incur the administration and man-agement fees of the target funds as well as those of the investing fund. Thus, double charges with regard to fund administration and management fees cannot be ruled out.

The Fund must not acquire voting shares for any of its Sub-Funds to an extent which allows it to exercise mate-rial influence on the management of the issuer.

Moreover, a single Sub-Fund may not acquire more than:

– 10% of non-voting shares of one and the same issuer;

– 10% of the bonds of one and the same issuer;

– 25% of the shares of one and the same UCITS and/or other UCI;

– 10% of the money market instruments of one and the same issuer.

The limits set out in the second, third and fourth points do not need to be complied with at the acquisition date if the

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gross amount of the bonds or money market instruments or the net amount of the shares issued cannot be calcu-lated at the date of acquisition.

n) The above provisions as per 9.3 m) are not applicable in respect of:

securities and money market instruments issued or guar-anteed by a Member State or its territorial authorities;

securities and money market instruments issued or guar-anteed by a third country;

securities and money market instruments that are issued by international public law organizations to which one or more EU Member States belong;

shares of companies that have been established under the laws of a country that is not an EU Member State provided (a) such a company primarily invests in securi-ties of issuers from this country, (b) under the country's laws, the only way the Sub-Fund can acquire securities from issuers of this country is by acquiring a stake in such a company and (c) this company observes the in-vestment restrictions when investing assets pursuant to 9.3 a) to e) and 9.3 j) to 9.3 m) above.

shares held by one or more investment companies in subsidiaries which, in their country of establishment, only carry out certain investment, advisory or distribution ac-tivities for these investment companies with respect to the redemption of shares at the request of shareholders.

o) The Fund will ensure for each Sub-Fund that the overall risk associated with derivatives does not exceed the Sub-Fund's total net asset value. In calculating this risk, ac-count will be taken of the market value of the respective underlying assets, the default risk of the counterparty, fu-ture market fluctuations and the time required for liquida-tion of the positions. A Sub-Fund may invest in derivatives as part of its invest-ment strategy within the limits stipulated under 9.3. e), provided the overall risk of the underlying securities does not exceed the investment limits given in 9.3 a) to e) above. If a Sub-Fund invests in index-based derivatives, these investments do not need to be taken into account for the limits given in 9.3 a) to e) above. Derivatives embedded in securities or money market in-struments must be included when complying with the pro-visions of this section o).

p) No Sub-Fund may acquire commodities or precious met-als or certificates representing them.

q) No Sub-Fund may invest in real estate, although invest-ments in real estate-backed securities or interest thereon or investments in securities issued by companies which invest in real estate, and interest thereon, are permissible.

r) No credits or guarantees issued on behalf of third parties may be charged to a Sub-Fund's assets. This investment limit shall not prevent any Sub-Fund from investing in non-fully paid-up securities, money market instruments or other financial instruments pursuant to 9.1 e), g) and h), provided that the Sub-Fund concerned has sufficient cash or other liquid funds to be meet outstanding payments on demand; such reserves must not have already been taken into account as part of the sale of options.

s) Uncovered sales of securities, money market instruments or financial instruments referred to in 9.1 e), g) and h) above is not permitted.

t) A Sub-Fund (the "investing Sub-Fund") can subscribe to, acquire and/or hold shares to be issued or already issued by one or more other Sub-Funds (a "target Sub-Fund") on condition that:

the target Sub-Fund does not for its part invest in the in-vesting Sub-Fund; and

no more than 10 % of the assets of the target Sub-Fund may be invested in units of other UCITS or UCIs under its investment policy; and

the investing Sub-Fund may invest no more than 20% of its net assets in shares of one and the same target Sub-Fund; and

any voting rights attached to shares in the target Sub-Fund are to be suspended for as long as the shares are held by the investing Sub-Fund in question, without prej-udice to due accounting and regular reporting; and

the value of these shares, for as long as they are held by the investing Sub-Fund, are not included in the calcula-tion of the Fund's net asset value for the purpose of en-suring adherence to the minimum net asset threshold stipulated by the 2010 Law.

9.4 Other restrictions

Sub-Funds do not necessarily have to comply with the in-vestment limits given in 9.1 to 9.3 when exercising their subscription rights associated with securities or money market instruments held as part of their net fund assets.

The Sub-Funds will not invest in financial instruments is-sued by sanctioned countries, territories or entities.

Newly licensed Sub-Funds may deviate from the provi-sions set out in 9.3 a) to k) above for a six-month period following their approval, provided they ensure adequate risk diversification.

If these provisions are exceeded for reasons which lie out-side the Sub-Fund's control or on account of subscription rights, the relevant Sub-Fund must strive as a matter of priority to rectify the situation by conducting selling trans-actions, taking due account the interests of its sharehold-ers. In accordance with the 2010 Law, in the case of any UCITS which includes more than one Sub-Fund, each Sub-Fund shall be regarded as an autonomous UCITS. The Board of Directors reserves the right to stipulate other investment restrictions if they prove necessary to comply with the laws and provisions of countries in which the Fund's shares are offered or sold.

9.5 Total Return Swaps

Total Return Swaps are derivatives by means of which all in-come and change in the value of an underlying are trans-ferred to another party, the counterparty.

The Management Company or the Investment Managers may conduct for the Sub-Funds transactions in Total Return Swaps for hedging purposes and as part of the investment strategy, e.g. total return swaps can be used to exchange the

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performance of two different portfolios, for example, the per-formance of certain assets of a Sub-Fund against the perfor-mance of an index. As a result, the risk of loss of a Sub-Fund may be increased.

In case a Sub-Fund conducts transactions with Total Return Swaps, this is disclosed in the relevant section of the Sub-Fund supplement of the Special Part.

The income from total return swaps is fully allocated to the re-spective Sub-Fund, net of transaction costs.

Counterparties of the Sub-Funds for Total Return Swaps are normally credit and financial services institutions established in an EEA Member State or in an OECD Member State. In principle, the counterparty must have a minimum rating of in-vestment grade. Further details on the selection criteria and a list of approved counterparties are available at the registered office of the Management Company. Risks of a failure of the counterparties can be found in point 7. Notice to General Risks.

The respective counterparty cannot influence the composition or management of the investment portfolios of the Sub-Funds or the underlyings of the Total Return Swaps. Transactions in connection with the investment portfolios of the Sub-Funds do not require the consent of the counterparty.

Further information on the share of the assets under manage-ment that are expected to be used for total return swap trans-actions are described in the Special Part for the respective Sub-Fund.

9.6 Collateral

General rules on collateral Counterparty risk regularly arises where certain instruments (such as OTC derivatives), techniques and instruments are used. This risk may not exceed certain statutory limits and can be reduced by means of collateral in accordance with CSSF Circular 13/559, as modified by CSSF Circular 14/592. For each counterparty, the global risk is considered, taking into account all transactions entered into with that counter-party. All collateral provided by a counterparty is also taken into account in its entirety.

The collateral provided should be sufficient to cover the un-derlying claim. The collateral received is valued at a discount of up to 13% of its market value depending on the type, ma-turity and issuer quality.

The Fund may accept collateral provided that the following conditions are met:

Liquidity: All non-cash security accepted must be highly liquid, i.e. it can be sold at short notice and close to the price on which the valuation is based, and tradable at a transparent price on a regulated market or within a multi-lateral trading system. The collateral received must also fulfil the conditions of 9.3 m) and n) above.

Valuation: Collateral received should be valued at least on each trading day based on the last available price on the business day before the valuation day. The Management Company applies for the collateral received gradual hair-cuts taking into account the specific characteristics of the

collateral, the issuer and the counterparty (so-called Hair-cut strategy). Based on this, margin calls can be made daily in case of underfunding.

Issuer credit quality: The issuer of the collateral received must have good credit quality.

Correlation: The collateral received must be issued by a legal entity that is independent of the counterparty and does not exhibit high correlation to the performance of the counterparty.

Diversification of collateral (concentration of assets): The collateral must be adequately diversified by country, mar-ket and issuer. The criterion of adequate diversification in terms of issuer concentration shall be deemed fulfilled if the Sub-Fund has a collateral basket from a counterparty in the case of efficient portfolio management or transac-tions in OTC derivatives in which the maximum exposure to any given issuer is 20% of the net asset value. If multi-ple counterparties provide collateral for a Sub-Fund, then various collateral baskets shall be aggregated for the pur-poses of calculating the 20% limit on exposure to a single issuer. By way of derogation from the above, a UCITS may be fully collateralized in different transferable securi-ties and money market instruments issued or guaranteed by a Member State, one or more of its local authorities, an OECD member state, Singapore, Brazil, Russia, Indone-sia or South Africa or international public law organiza-tions to which one or more EU Member States belong. Such a UCITS should receive securities from at least six different issues, but securities from any single issue should not account for more than 30% of the UCITS' net asset value. UCITS that intend to be fully collateralized in securities issued or guaranteed by a Member State should disclose this fact in the prospectus of the UCITS. UCITS should also identify the Member States, local au-thorities, or public international bodies issuing or guaran-teeing securities which they are able to accept as collat-eral for more than 20% of their net asset value.

Risk Management shall determine, manage and reduce risks in connection with collateral management.

In the case of transfers of rights, the collateral received shall be held by the Depositary. For other forms of collat-eral agreements, the collateral may be held by a third party that is subject to supervision and that has no con-nection to the collateral provider.

The Fund shall have the authority to realize the collateral received at any time without reference to the counterparty and without obtaining the counterparty's consent.

The collateral is held with a depositary which is subject to effective supervision and which is independent of the guarantor or is legally protected against a default of an in-volved party.

Collateral in the form of bank deposits shall be deposited with the depositary or – with the consent of the depositary – at other credit institution, provided that the credit institution con-cerned has its head office in a Member State or, if the head office of the credit institution is located in a third country, if it is subject to regulatory provisions which are equivalent to those of the community law from the point of view of the CSSF.

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Any risks associated with the collateral management, in par-ticular operational and legal risks, will be identified, assessed and controlled by risk management.

Eligible Collateral Collateral is accepted in the form of cash or high-quality gov-ernment bonds. The Sub-Funds may receive government bonds as collateral issued by the governments of the follow-ing countries:

– Federal Republic of Germany,

– France,

– United Kingdom,

– United States of America,

– Canada,

– the Netherlands,

– Sweden and

– Switzerland,

and that are rated at least "AA-" (Standard & Poor's) and/or "Aa3" (Moody's) whichever is lower in the case of a discrep-ancy between the ratings of both agencies.

A Sub-Fund may only receive less than 30% of its net asset value in collateral.

Cash collateral received will not be reinvested. Government bonds received will not be disposed of, reinvested or pledged. The Management Company will apply gradual haircuts to col-lateral received, taking into account the characteristics of the collateral, its issuer and the counterparty involved. The follow-ing table contains the spreads for the haircuts applied to dif-ferent kinds of collateral:

COLLATERAL SPREADS

Cash 0%

Government bonds with residual maturity < 1 year 0% - 3%

Government bonds with residual maturity from 1 to 5 years 2% - 5%

Government bonds with residual maturity from 5 to 10 years 2% - 7%

Government bonds with residual maturity above 10 years up to 30 years

5% - 13%

9.7 Techniques and instruments used to hedge currency risks

For the purposes of hedging currency risks, the Fund may for each Sub-Fund carry out the following transactions on a stock exchange or other Regulated Market or over the counter: con-clude foreign exchange forward or futures contracts, sell cur-rency call options or buy currency put options, in order to re-duce or completely eliminate exposure in the currency regarded as risky and to shift into the currency of account or another currency considered less risky within the investment universe.

For the purposes of hedging currency risks , a Sub-Fund may carry out foreign exchange forward transactions, including for-eign exchange forward sales, write currency call options or purchase currency put options, and operate in a foreign cur-rency up to the level of weighting of the foreign currency in the reference index or in a customised reference index up to the weighting of the foreign currency in a part reference index, if there is no complete hedge through investments in the cor-responding foreign currency. Investors must be notified of the reference index or part reference index (customised index). With the same objective the Fund may also sell or exchange currencies forward, specifically within the context of transac-tions on a non-regulated market concluded with first-class fi-nancial institutions which specialize in these transactions. The hedge objective sought through the aforementioned transac-tions requires the existence of a direct relationship between these assets and those to be hedged; this means that trans-actions carried out in a certain currency may as a rule neither exceed the value of assets denominated in this currency nor their term of ownership or residual life in order to be consid-ered as a hedge.

In its accounting reports, the Fund must list the total amount of liabilities for the various sorts of transactions carried out arising from transactions current on the reporting date for the reports concerned. The Fund may also sell currencies forward or engage in currency swaps over the counter that are con-cluded with first-class financial institutions which specialize in these transactions.

Determination of the Net Asset Value of Shares

The total net asset value of the Fund is stated in CHF for ac-counting and reporting purposes. The net asset value of each Share Class and the issue, redemption, conversion or transfer price per share shall be expressed in the currency of the rele-vant Share Class.

Unless otherwise stipulated in the Special Part, the net asset value of the Sub-Funds and the Share Classes shall be, in principle, determined on each Business Day, as defined in section 12 "Issue of Shares", except of the Business Days on which the determination of the net asset value has been post-poned in accordance with section 16 "Temporary suspension of Net Asset Value calculation, Issues, Redemptions and Conversions of Shares", (the "Valuation Day"). However, the net asset value of the Sub-Funds and the Share Classes may also be calculated on days which are not Business Days. Such net asset value may be made available, but may only be used for performance comparison or fee calculations and sta-tistics and cannot serve as a basis for subscriptions, redemp-tions, conversions or transfers of shares in the Sub-Funds. The Sub-Funds and Share Classes must be valued at least twice a month.

The net asset value of the corresponding Sub-Funds, i.e. the market value of the Sub-Fund assets minus the liabilities at-tributable to such Sub-Fund, shall be divided by the number of shares issued by the relevant Sub-Fund and the result shall be rounded up or down to the nearest unit of the relevant cur-rency as instructed by the Board of Directors. For the various Share Classes, the rules described in C apply.

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If, since the close of business on any Valuation Day there has been a material change in the quotations on the markets on which a substantial portion of the investments of the Fund at-tributable to a particular Sub-Fund is dealt or listed, the Fund may cancel the first valuation and carry out a second valua-tion to safeguard the interests of the shareholders. This sec-ond valuation shall apply for all expenses, redemptions and conversions transacted on this Valuation Day.

The determination of the net asset value of the shares of the different Sub-Funds shall be expressed in the currency of the relevant Sub-Fund and Share Class as a value-per-share, provided that a calculation in CHF shall be made to ascertain the value of the capital of the Fund for reporting purposes.

The expenditure as well as the profit and loss resulting from the policy of hedging against the foreign currency risk of a Share Class will be borne by each Share Class for which the hedging was adopted. Likewise, costs arising in connection with the currency conversion of subscription or redemption amounts for shares of one class into or out of the Reference Currency of the Sub-Fund shall be borne by that Share Class. The expenditure and repercussions of that hedging will be re-flected in the net asset value and in the performance of the corresponding Share Class. A.

A. The assets of the Fund shall be deemed to include:

all cash on hand or on deposit, including any interest ac-crued thereon;

all bills, demand notes and accounts receivable (including proceeds of securities sold but not delivered);

all bonds, after-sight bills, units/shares in undertakings for collective investment, shares, equity securities, subscrip-tion rights, convertible bonds and debt instruments, war-rants, options, money-market instruments and other in-vestments and securities in the possession of the Fund or that have been purchased for its account;

all stock, stock dividends, cash dividends and cash distri-butions receivable by the Fund (provided that the Fund may make adjustments with regard to fluctuations in the market value of securities caused by trading ex-dividends, ex-rights, or by similar practices);

all interest accrued on any interest-bearing securities owned by the Fund except if this interest is included or re-flected in the nominal value of that relevant security;

the preliminary expenses of the Fund insofar as these have not been written off;

all other assets of any kind and nature, including pre-paid expenses.

The value of these assets shall be determined as follows:

1. The value of any cash on hand or on deposit, bills and de-mand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as afore-mentioned and not yet received shall be deemed to be the full amount thereof, unless it is possible that the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at by deducting a sum that the Company considers appropriate in such case to reflect the true value thereof.

2. The value of all securities and/or derivative financial in-struments listed or traded on the exchange is based on

the last-known price on the day before the valuation day. Exceptions to this are the securities and/or derivative fi-nancial instruments held by the Sub-Funds specified in the Special Part, which, in accordance with their invest-ment policy, are invested in Asia and the Far East and the value of which is measured on the basis of the last-known price at the time of valuation on the valuation day.

3. The value of securities and/or derivative financial instru-ments traded on other regulated markets shall be calcu-lated on the basis of the closing price on the day preced-ing the Valuation Day.

4. If any of the securities and/or derivative instruments in the Fund's portfolio on the relevant valuation day are neither listed or traded on any official stock exchange nor on any other regulated market or if, the price as determined pur-suant to paragraphs 2. and 3. is not representative of the fair market value of the relevant securities and/or deriva-tive instruments listed or traded on an official stock ex-change or other regulated market, the value of these se-curities and/or derivative instruments shall be determined prudently and in good faith based on a value resulting from the application of the recognized valuation rules or models.

5. For fixed-income or variable-rate money market paper and securities with a residual term to maturity of less than three months, the valuation price may be successively ad-justed to the redemption price, taking the net purchase price as a starting point, while maintaining the resulting yield. The valuation price calculated using this method may differ from the actual market price, if it can be en-sured that this will not lead to a material difference be-tween the actual value of the security and the adjusted valuation price. Where significant differences in market conditions exist, the basis for valuing the individual invest-ments will be adapted in line with new market yields.

6. Units or shares in undertakings for collective investment shall be valued at the last available net asset value.

7. In the event that the above valuation methods should prove inappropriate or misleading, the Board of Directors may adjust the value of the investments or allow the use of a different valuation method for the Fund's assets.

The Board of Directors is entitled to temporarily apply other generally recognized valuation methods that are used in good faith and are verifiable by the Fund's audi-tors in order to calculate the assets of the Fund and/or the assets of a Sub-Fund if the aforementioned valuation cri-teria appear to be impossible or inexpedient due to excep-tional circumstances, or if this is in the interests of the Fund or a Sub-Fund and/or shareholders (e.g. to avoid market timing) to achieve an appropriate valuation of the Fund and/or the Sub-Fund concerned.

B. The liabilities of the Fund shall be deemed to include:

all loans, bills and accounts payable; all accrued or payable administrative expenses (including

investment advisory fee, custodian fee and administrator's fees);

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all known liabilities, present and future, including all ma-tured contractual obligations for payments of money or property, including the amount of any un-paid dividends declared by the Fund where the Valuation Day falls on the cut-off date for determination of the persons entitled thereto or is subsequent thereto;

an appropriate provision for future taxes on the Fund's capital and income accrued as at the Valuation Day, as determined from time to time by the Board of Directors, any other provisions approved by the Board of Directors, plus any provisions deemed appropriate by the Board of Directors for contingent liabilities;

all other liabilities of the Fund of whatsoever nature, with the exception of liabilities represented by shares of the Fund. When calculating the amount of these liabilities, the Fund must take account of all expenses due by the Fund, including the costs of formation, fees for the management company (where applicable), for investment advisors, as-set managers, auditors, Depositary and its correspondent banks, the domiciliary, registrar and transfer agents, all paying agents, all permanent representatives at the places of registration and all other representatives of the Fund, fees for the services of lawyers and auditors, sales, printing, reporting and publication costs, including adver-tising costs, the costs of producing, translating and print-ing sales prospectuses, explanatory memoranda or regis-tration applications; taxes or charges and all other op-erating costs, including the costs of buying and selling as-sets, interest payments, bank and brokerage fees, dis-patch costs, telephone and telex charges. The Fund may estimate the administrative costs and other regularly re-curring costs in advance for one year or any other period and apportion the same on an even basis over such a pe-riod of time.

C. Where different Share Classes are issued in one Sub-Fund, the net asset value per share of each class of the rele-vant Sub-Fund is computed by dividing the net asset value of the relevant Sub-Fund allocated to this Share Class by the to-tal number of shares of the relevant class in circulation. The percentage of the total net assets of the relevant Sub-Fund to be allocated to each Share Class and which was originally the same as the percentage of the total number of shares repre-sented by this Share Class, changes, pursuant to payment of dividends or other distributions or payment of other liabilities as follows:

each time a distribution or other liabilities are paid, the to-tal net assets attributable to a Share Class shall be re-duced by the amount of such dividend or payment (thus decreasing the percentage of the total net assets of the relevant Sub-Fund attributable to the relevant Share Clas-ses), while the total net assets attributable to the other Share Classes shall remain the same (thus increasing the percentage of total net assets of the relevant Sub-Fund attributable to the other Share Classes);

whenever the capital of a Sub-Fund is increased as a re-sult of the issuance of new shares of a given class, the to-tal net assets attributable to the corresponding Share Class shall be increased by the proceeds of the issue;

upon redemption of shares in a certain class by the rele-vant Sub-Fund, the total net assets attributable to the cor-responding Share Class shall be decreased by the price paid for the redemption of such shares.

upon conversion of shares of one class into shares of an-other class, the total net assets attributable to this Share Class shall be decreased by the net asset value of the shares converted, and the total net asset value attributa-ble to the corresponding Share Class shall be increased by this amount.

D. For this purpose:

shares of the Fund to be redeemed shall be treated as ex-isting and taken into account until immediately after the close of business on the relevant valuation day; from such time on and until payment is made, the price shall be deemed to be a liability of the Fund;

shares to be issued by the Fund pursuant to subscription applications received shall be treated as being in issue as from immediately after the close of business on the valua-tion day on which the net asset value was determined, and this price shall be deemed a debt due to the Fund un-til received by the Fund;

all investments, cash balances and other assets of the Fund not expressed in the currency of the net asset value of the different Sub-Funds shall be valued on the valua-tion day while taking account of the exchange rate appli-cable on the transaction day on which the net asset value of the shares was calculated; and

account shall be taken on the respective valuation days of any purchases or sales of securities by the Fund on such valuation day, to the extent practicable.

E. Swing pricing

Trading in a Sub-Fund (in particular subscription and redemp-tion activities) translates as a rule in corresponding trading ac-tivities in the portfolio of the relevant Sub-Fund (i.e. purchase of additional instruments in case of subscriptions and sale of instruments held in the portfolio of the relevant Sub-Fund in case of redemptions). Such trading activities entail various costs, including but not limited to bid-ask spreads, brokerage fees, transaction taxes and similar. Frequent trading in the portfolio of a Sub-Fund arising from frequent trading in the Sub-Fund may result in transaction costs that might be non-negligible and have a detrimental financial impact on the in-vestors in the Sub-Fund, in particular on the long-term inves-tors. To protect those investors, the Board of Directors may decide to apply single swing pricing mechanism (the “SSP”) in any Sub-Fund. The SSP mechanism adjusts the net asset value of the affected Sub-Fund, as calculated above, if a pre-determined net capital activity threshold is exceeded (“partial” SSP), to accommodate it for those transaction costs. Subse-quently, the adjustment takes place at the level of the relevant Sub-Fund and not at the level of an individual investor.

The adjustments of the net asset value on any Valuation Day in accordance with the SSP mechanism are made as follows:

the net asset value of all Share Classes of the relevant Sub-Fund shall be increased by the applicable swing fac-tor, as defined below, if the total subscriptions less the to-tal redemptions for all Share Classes of the Sub-Fund on

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the relevant transaction day results in a net asset inflow (net subscriptions). Subsequently, subscribing investors shall receive a lower number of shares than they would receive without the application of the SSP while redeem-ing investors shall receive a higher redemption amount than they would receive without the application of the SSP (investors subscribing for a certain number of shares shall pay a higher total subscription amount); or

the net asset value of all Share Classes of the relevant Sub-Fund shall be decreased by the applicable swing fac-tor, as defined below, if the total subscriptions less the to-tal redemptions for all Share Classes of the Sub-Fund on the relevant transaction day results in a net asset outflow (net redemptions). Subsequently, subscribing investors shall receive a higher number of shares than they would receive without the application of the SSP while redeem-ing investors shall receive a lower redemption amount than they would receive without the application of the SSP (investors subscribing for a certain number of shares shall pay a lower total subscription amount); or

no change shall be made if the net asset inflow or net as-set outflow on the relevant transaction day does not ex-ceed a certain threshold which may be determined by the Board of Directors for the relevant Sub-Fund (single swing pricing threshold).

The maximum adjustment that may be made to the net asset value of the relevant Sub-Fund, as described above (Single Swing Pricing Factor) has been determined by the Board of Directors to amount to 1% of the net asset value of the rele-vant Sub-Fund. A higher Single Swing Pricing Factor may be applied for certain Sub-Funds as specified in the Special Part.

The Board of Directors may decide to apply Single Swing Pricing Factors beyond the maximum adjustment level to a Sub-Fund in case of exceptional market circumstances, such as periods of high volatility, reduced asset liquidity and market stress.

All Sub-Funds subject to the application of the SSP mecha-nism may be consulted on the Internet at vontobel.com/am.

F. Allocation of assets and liabilities

The assets and liabilities of the Fund shall be allocated to the relevant Sub-Funds as follows:

The proceeds from the issue of shares in a Sub-Fund and the assets and liabilities, income and expenditure attribut-able thereto shall be applied to this Sub-Fund in the books of the Fund, subject to the provisions below.

Derivatives from other investments shall be attributed to the same Sub-Fund as the underlying assets. Further-more, any increase or diminution in value arising from a revaluation shall be applied to the relevant Sub-Fund.

Where the Fund incurs a liability which relates to any as-sets of a particular Sub-Fund or to any action taken in connection with an asset of a particular Sub-Fund, such li-ability shall be allocated to the relevant Sub-Fund.

If any asset or liability of the Fund arising from a specific Sub-Fund cannot be attributed to a particular Sub-Fund, this asset or liability shall be allocated to all Sub-Funds in proportion to their net asset values.

Following the record date on which the persons entitled to any divided declared in respect of a Sub-Fund are deter-mined, the net asset value of the relevant Sub-Fund shall be reduced by the amount of such dividends.

If several Share Classes are set up within a single Sub-Fund, the rules above shall apply mutatis mutandis to the allocation of assets and liabilities between Share Classes.

If, in the reasonable opinion of the Board of Directors, a valu-ation in accordance with the above rules is rendered impossi-ble or incorrect due to special or changed circumstances, the Board of Directors shall be entitled to use other generally rec-ognized and auditable valuation principles in order to value the relevant Sub-Fund's assets or liabilities.

Shares

Shares shall only be issued in registered form. Issuance of bearer shares cannot be requested by the investor. Investors may not ask for their registered shares to be converted into bearer shares.

No certificates shall be issued. Upon request, a confirmation can be issued to the investor regarding the shares held by this investor.

All shares issued by the Fund shall be entered in the register of shareholders which shall be kept by the Administrator.

Shares shall be issued only upon acceptance of the subscrip-tion, as set forth in section 12 (Issue of shares).

The shares of each Sub-Fund must be fully paid-up. They have no par value.

Except in the case of suspension of voting rights according to the provision set forth in clause 9.3 t), the shares issued by the Fund carry one vote per share regardless of their net as-set value.

Subject to any provisions to the contrary in the Special Part, fractional registered shares shall be allotted to up to three decimal places. Fractional shares do not carry voting rights.

Issue of Shares

The provisions in this section apply, except where otherwise stated in the Special Part.

The Board of Directors is empowered at all times and without restriction to issue shares in all Sub-Funds or Share Classes.

The Board of Directors is not obliged to grant existing share-holders in the Fund the right to subscribe to additional shares issued (no pre-emptive rights). The Board of Directors re-serves the right to cease the issue and sale of shares at any time, without giving a reasoning and without prior notice.

The shares are accepted for clearance and settlement through Fundsettle, Euroclear and Clearstream. The shares will be registered in Fundsettle, Euroclear or Clearstream in uncertified form. All shares held in Fundsettle, Euroclear or Clearstream will be held in the name of the nominee of Fund-settle, Euroclear or Clearstream or its depository.

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The Board of Directors can merge all shares issued in a Sub-Fund or in a Share Class of a Sub-Fund or split them into a larger number of shares.

Shares can be issued on each Valuation Day, as defined be-low.

Subject to any provisions to the contrary set forth in the Spe-cial Part and in section 16, "Temporary suspension of net as-set value calculation, issues, redemptions and conversions of shares", the following operational cycle applies:

Shareholders may submit subscription requests for shares on any day on which the banks in Luxembourg are open for nor-mal business in Luxembourg (i.e. excluding Saturdays, Sun-days, Good Friday, 24 December and 31 December and pub-lic holidays; the "Business Day"). A day on which one or more exchanges or markets on which instruments are traded that build the basis for valuing a substantial portion of the total net assets of a specific Sub-Fund are closed is not the Business Day.

In deviation from the preceding paragraph, shareholders may submit subscription requests for shares of the Sub-Funds

– Vontobel Fund – TwentyFour Absolute Return Credit Fund

– Vontobel Fund – TwentyFour Sustainable Short Term Bond Income

– Vontobel Fund – TwentyFour Strategic Income Fund

– Vontobel Fund – TwentyFour Monument European Asset Backed Securities

on any day on which the banks in Luxembourg and London are open for normal business (i.e. excluding Saturdays, Sun-days, Good Friday, 24 December and 31 December and pub-lic holidays in Luxembourg and/or the United Kingdom; the “Business Day”).

Subscription applications can be sent by fax, by post or by any other communication means accepted by the Administra-tor and must be received by the Administrator, one of the Fund´s distributor or any other duly appointed agent of the Fund on a Business Day before 3.45 p.m. Luxembourg time (cut-off time, the "Subscription Day").

In deviation from the preceding paragraph, subscription appli-cations for shares of the Sub-Funds – Vontobel Fund – Clean Technology

– Vontobel Fund – Energy Revolution

– Vontobel Fund – mtx Sustainable Asian Leaders (Ex Japan)

– Vontobel Fund – mtx Sustainable Emerging Markets Leaders

– Vontobel Fund – Smart Data Equity

– Vontobel Fund – Commodity

– Vontobel Fund – Dynamic Commodity

– Vontobel Fund – Non-Food Commodity

– Vontobel Fund – Vescore Artificial Intelligence Multi Asset

– Vontobel Fund – Vescore Global Equity Multi Factor

– Vontobel Fund – Multi Asset Defensive

– Vontobel Fund – Multi Asset Solution and

– Vontobel Fund – Asian Bond

must be received by the Administrator, one of the Fund´s dis-tributor or any other duly appointed agent of the Fund on a Business Day before 2.45 p.m. Luxembourg time (cut-off time) on the Subscription Day.

Investors who have invested in the Fund through an interme-diary may be subject to a different cut-off time which in any case will be earlier than the relevant cut-off time set forth here above.

The orders received after the relevant cut-off time on any given Business Day shall be deemed to be received on the following Business Day.

The Board of Directors may at any time and at its sole discre-tion reject one or more subscription orders, without indication of reasons and without prior notice.

The orders received on the Subscription Day before the rele-vant cut-off time shall be considered for the calculation of the net asset value on the immediately following Business Day being the Valuation Day for the subscription order. The con-tract notes indicating the relevant information on the sub-scribed Shares, such as the net asset value per Share, num-ber of the Shares subscribed, amount to be paid, shall be sent to the investors on the Valuation Day.

The subscription price of shares is calculated according to the provisions in the section 10 "Determination of the Net Asset Value of Shares" and is, normally, based on the closing prices of the Subscription Day. Unless otherwise provided else-where, the subscription price is based on the net asset value per share plus a ‘Subscription Fee’, if any, that may amount up to 5% of the net asset value per share, and any taxes, commissions and other applicable fees. The subscription price, including Subscription Fee, taxes, commissions and other fees, where applicable, must have been paid onto the relevant Fund's account within three (3) Business Days fol-lowing the Subscription Day.

The Fund may, however, and upon request process a pur-chase application once the subscription sum has been re-ceived by a Paying Agent or the Custodian Bank in addition to the subscription application. Any differing amounts of up to CHF 25 per order (or the equivalent of that amount in the ref-erence currency) arising on subscription on the basis of the reimbursement of incurred transaction costs shall not be reim-bursed to shareholders. Any difference will be credited to the assets of the Sub-Fund in question.

The Fund shall not issue shares in any Share Class of a Sub-Fund during the period in which calculation of the net asset value of this Sub-Fund has been suspended on the basis of the authorization described above, as stipulated in section 16 "Temporary suspension of net asset value calculation, issues, redemptions and conversions of shares".

Subject to applicable laws and regulations, the Depositary, the local paying agents or any other duly authorized agent

38/181 Vontobel

may, at their sole discretion and upon an investor's request, accept the payment in currencies other than the Reference Currency or the subscription currency of the class that is sought to be subscribed. Exchange rates shall be established on the Valuation Day. Investor shall bear all fees associated with currency exchange.

The Board of Directors may determine at its full discretion and without giving any justification therefor that no further shares in a particular Sub-Fund or a particular Share Class will be is-sued.

An application for issue of Shares is irrevocable, except dur-ing the suspension period where calculation of the net asset value for the relevant Share Class or the issuance of the Shares of the relevant Class is suspended.

Specific details on the initial issue of shares are given in the corresponding Sub-Fund appendix of the Special Part.

Upon request of an investor, the Board of Directors may issue shares in return for delivery of securities, money market in-struments or other eligible assets (payment in-kind) on the condition that such a delivery of securities or other eligible as-sets is suitable to achieve the investment objective of the rele-vant Sub-Fund and is compliant with its investment policy.

The Fund's auditors will issue a valuation report relating to the payment in-kind without undue delay. All costs in connection with subscription in-kind (including auditors' costs and fees) shall be borne by the shareholder requesting such subscrip-tion.

Prevention of money laundering and terrorist financing In accordance with international regulations and Luxembourg laws and regulations (including, but not limited to, the amended Law of 12 November 2004 on the fight against money laundering and financing of terrorism), the Grand Du-cal Regulation dated 1 February 2010, CSSF Regulation 12-02 of 14 December 2012 as amended by CSSF Regulation 20-05 of 14 August 2020, CSSF Circulars 15/609, 17/650 concerning the fight against money laundering and terrorist fi-nancing and 17/661 adopting the joint guidelines issued by the three European Supervisory Authorities (EBA/ESMA/EI-OPA) on money laundering and terrorist financing risk factors and any respective amendments or replacements, obligations have been imposed on all professionals of the financial sector in order to prevent undertakings for collective investment from occurrences of money laundering and financing of terrorism. As a result of such provisions, the register and transfer agent of a Luxembourg undertaking for collective investment must ascertain the identity of the subscriber in accordance with Luxembourg laws and regulations. The Administrator and the relevant distributor may require subscribers to provide any document they deem necessary to effect such identification.

In case of delay or failure by an applicant to provide the re-quired documentation, the subscription request will not be ac-cepted and in the event of redemption, payment of redemp-tion proceeds delayed. Neither the Fund nor the Management Company, nor the Administrator will be held responsible for said delay or for failure to process deals resulting from not providing documentation or providing incomplete documenta-tion.

From time to time, shareholders may be asked to supply addi-tional or updated identification documents in accordance with clients' ongoing due diligence obligations according to the rel-evant laws and regulations.

The Fund and the Administrator are authorized to request from the distributor at any time evidence of compliance with all regulations and procedures concerning the identification of the potential investors and beneficial owners of a subscrip-tion. The distributors also observe all applicable local provi-sions regarding the prevention of money laundering and ter-rorist financing. If a distributor is not a financial sector professional, or is a financial sector professional but is not subject to a requirement to identify the potential investors and beneficial owners of a subscription that is equivalent to the re-quirement under Luxembourg law, the Fund Administrator is responsible for ensuring that the above identification is carried out.

In accordance with the Luxembourg law of 13 January 2019 establishing a register of beneficial owners, Shareholders are informed that the Fund or its delegates or service providers may need to communicate certain information to the register of beneficial owners in Luxembourg. The relevant authorities as well as the general public can access the register and the relevant information of the beneficial owners of the Fund, in-cluding the name, the month and year of birth, the country of residence and nationality. The Law of 12 November 2004 on the fight against money laundering and financing of terrorism as amended defines the concept of Beneficial Owner via own-ership, control or Senior Management.

Redemption of Shares

The provisions in this section apply, except where otherwise stated in the Special Part.

Shareholders may, in principle, request the redemption of some or all of their shares on any Business Day. Redemption applications can be sent by fax, by post or by any other com-munication means accepted by the Administrator and must be received by the Administrator, one of the Fund´s distributor or any other duly appointed agent of the Fund on a Business Day before 3.45 p.m. Luxembourg time (cut-off time, the "Re-demption Day").

In deviation from the preceding paragraph, redemption appli-cations for shares of the Sub-Funds – Vontobel Fund – Clean Technology

– Vontobel Fund – Energy Revolution

– Vontobel Fund – mtx Sustainable Asian Leaders (Ex Japan)

– Vontobel Fund – mtx Sustainable Emerging Markets Leaders

– Vontobel Fund – Smart Data Equity

– Vontobel Fund – Commodity

– Vontobel Fund – Dynamic Commodity

– Vontobel Fund – Non-Food Commodity

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– Vontobel Fund – Vescore Artificial Intelligence Multi Asset

– Vontobel Fund – Vescore Global Equity Multi Factor

– Vontobel Fund – Multi Asset Defensive

– Vontobel Fund – Multi Asset Solution and

– Vontobel Fund – Asian Bond

must be received by the Administrator, one of the Fund´s dis-tributor or any other duly appointed agent of the Fund on a Business Day before 2.45 p.m. Luxembourg time (cut-off time) on the Redemption Day.

Investors who have invested in the Fund through an interme-diary may be subject to a different cut-off time which in any case will be earlier than the the relevant cut-off time set forth here above.

The orders received after the relevant cut-off time on any given Business Day shall be deemed to be received on the following Business Day.

The orders received on the Redemption Day before the rele-vant cut-off time shall be considered for the calculation of the net asset value on the immediately following Business Day being the Valuation Day for the redemption order and shall be based on the closing prices of the Redemption Day. The con-tract notes indicating the relevant information on the re-deemed shares, such as the net asset value per share, num-ber of shares redeemed, amount to be paid, shall be sent to the investors on the Valuation Day.

The redemption price of shares is calculated according to the provisions in the section 10 "Determination of the Net Asset Value of Shares" and is, normally, based on the closing prices of the Redemption Day. Unless otherwise provided else-where, the redemption price is based on the net asset value per share minus a Redemption Fee, if any, that may amount up to 0.3% of the net asset value per share and any taxes, commissions or other applicable fees and expenses.

The redemption price shall normally be paid no later than three (3) Business Days after the Redemption Day. Payment is made by bank transfer to an account for which details have been provided by the shareholder and with no liability whatso-ever accepted by the Fund.

If redemption applications received on any Redemption Day for any Sub-Fund, with exception to those specified in the next sentence, amount to more than 5% of its respective net assets ("Large Redemption"), the Board of Directors may re-solve, in the interests of investors, to defer the execution of the redemption applications and to settle them over two or several Business Days on a pro rata basis (so-called "gates"), so that no more than 5% of the net assets of the relevant Sub-Fund is affected on any single Business Day. For the Sub-Funds Vontobel Fund – Commodity, Vontobel Fund – Dynamic Commodity and Vontobel Fund – Non-Food Com-modity, the threshold stipulated in the previous sentence shall amount to 10% of the net assets of the respective Sub-Fund. The redemption applications received on the following Re-demption Days shall be treated in a chronological order once the Large Redemption requests have been completely served. The investors shall be appropriately informed of the

application of the Large Redemption procedure set forth above.

The payment of the redemption price in its entirety may be suspended for up to five (5) Business Days in the following cases:

if due to exceptional circumstances on one or more mar-kets in which a substantial proportion of the investments in a Sub-Fund are invested, investment positions cannot be sold within a short space of time at their real value;

if redemption applications affect a Sub-Fund in which sen-sitive investment positions are held in line with its invest-ment policy such as small-cap equities, which may not be sold immediately by the portfolio manager in the interests of shareholders without incurring a loss in value of the net assets of a Sub-Fund;

if redemption applications affect a Sub-Fund in which sig-nificant positions are, in line with its investment policy, held in investments traded in various time zones and vari-ous currencies or in currencies (e.g. Brazilian real, Indian rupee) whose tradability may be restricted.

The Board of Directors shall decide on any deferred payment of the redemption price in the above cases, taking into ac-count the interests of all shareholders in this Sub-Fund. The resumption of normal payments shall take place in a way to ensure that the payments reflect the chronological order of re-demption applications.

All redemption applications are irrevocable unless the valua-tion of the assets of the relevant Share Class is suspended (see section 16, "Temporary suspension of net asset value calculation, issues, redemptions and conversions of shares"). In this case, the revocation will be effective only if written noti-fication is received by the Administrator prior to termination of the suspension period. In the absence of a revocation, the re-demption is carried out on the first valuation day after the sus-pension.

If the total net asset value of the shares of a Sub-Fund falls below or has not reached a level that permits effective portfo-lio management of the assets of the Sub-Fund, the Board of Directors may decide to repurchase all the shares of the Sub-Fund concerned. This repurchase shall be made at the net asset value applicable on a Valuation Day determined by the Board of Directors. Investors of the Sub-Fund concerned shall not bear any additional costs or other financial burdens as a result of this redemption. The provisions of this paragraph ap-ply to compulsory redemptions of shares of a Share Class mutatis mutandis.

Compulsory redemptions of shares, as described in the previ-ous paragraph, shall further be allowed in the event that the investor does not fulfill one or several conditions for holding shares in the relevant Share Class. The Board of Directors is also entitled to redeem all shares held by an investor in any other circumstances in which the Board of Directors deter-mines in its absolute discretion that such compulsory redemp-tion would help to avoid material legal, regulatory, pecuniary, tax, economic, proprietary, administrative or other disad-vantages to the Fund, including but not limited to the cases where such shares are held by investors who fail to comply or

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to prove their compliance with any applicable laws and regu-lations.

Upon request of the shareholder subject to a forced redemp-tion, the Board of Directors may permit this shareholder to convert his shares into the shares of a Share Class for which the shareholder fulfills all applicable requirements. The con-version shall be undertaken in accordance with the provisions of the section 14 "Conversion of Shares".

Subject to any applicable laws and regulations, the Deposi-tary and/or any of the entities entrusted by the Depositary may, at their discretion and upon investors' request, accept to pay to the investor redemption proceeds in currencies other than the reference currency of the relevant Sub-Fund or the subscription currency of the relevant Share Class that has been redeemed by the investor. The exchange rate shall be established on the Valuation Day. Investor shall bear all fees associated with currency exchange.

Following a request from a shareholder and upon the authori-zation by the Board of Directors, a redemption in kind may be carried out. The investor should, as far as possible, receive a representative selection of the assets of the relevant Sub-Fund in assets and cash, equivalent in value to the value of shares redeemed. By selecting the assets from the portfolio in question, the Board of Directors shall take into account the in-terests of the redeeming investor and the investors remaining in the relevant Sub-Fund and shall observe the requirement to treat all shareholders equally. The assets and cash that re-main in the portfolio of the relevant Sub-Fund after the re-demption in kind shall still be suitable to achieve the invest-ment objective of this Sub-Fund and be compliant with its investment policy. The value of the redemption in kind shall be confirmed by the auditors in accordance with Luxembourg law. All costs in connection with redemptions in-kind (includ-ing auditors' costs and fees) shall be borne by the share-holder requesting such redemption.

Conversion of Shares

The provisions in this section apply, except where otherwise stated in the Special Part.

Shareholders may on any Business Day apply to convert all or part of their shares in one Share Class into shares in an-other Share Class of the same Sub-Fund or into shares in a Share Class of another Sub-Fund. The request for conversion is treated as a request for redemption (switch-out) and a sub-sequent request for issue of the shares in the desired Share Class (switch-in), provided that the relevant shareholder is eli-gible to subscribe into the switch-in Share Class. Conversion requests can be sent by fax, by post or by any other commu-nication means accepted by the Administrator and must be received by the Administrator, one of the Fund´s distributor or any other duly appointed agent of the Fund on a Business Day before 3.45 p.m. Luxembourg time (cut-off time, the "Conversion Day").

In deviation from the preceding paragraph, conversion re-quests for shares of the Sub-Funds – Vontobel Fund – Clean Technology

– Vontobel Fund – Energy Revolution

– Vontobel Fund – mtx Sustainable Asian Leaders (Ex Japan)

– Vontobel Fund – mtx Sustainable Emerging Markets Leaders

– Vontobel Fund – Smart Data Equity

– Vontobel Fund – Commodity

– Vontobel Fund – Dynamic Commodity

– Vontobel Fund – Non-Food Commodity

– Vontobel Fund – Vescore Artificial Intelligence Multi Asset

– Vontobel Fund – Vescore Global Equity Multi Factor

– Vontobel Fund – Multi Asset Defensive

– Vontobel Fund – Multi Asset Solution and

– Vontobel Fund – Asian Bond

must be received by the Administrator, one of the Fund´s dis-tributor or any other duly appointed agent of the Fund on a Business Day before 2.45 p.m. Luxembourg time (cut-off time) on the Conversion Day.

Investors who have invested in the Fund through an interme-diary may be subject to a different cut-off time which in any case will be earlier than the the relevant cut-off time set forth here above.

The orders received after the relevant cut-off time on any given Business Day shall be deemed to be received on the following Business Day.

The orders received on the Conversion Day before the rele-vant cut-off time shall be considered for the calculation of the relevant net asset values on the immediately following Busi-ness Day being the Valuation Day for the conversion order and shall be based on the closing prices of the Conversion Day. The contract notes indicating the relevant information on the converted shares, such as the net asset values per share, number of shares switched-out and switched-in, amount to be paid, if any, shall be sent to the investors on the Valuation Day.

The Conversion price, if any, must be received by the Deposi-tary of the Fund no later than three (3) Business Days after the Conversion Day. The residual from the Conversion, if any, shall normally be paid no later than three (3) Business Days after the Conversion Day. Payment is made by bank transfer to an account for which details have been provided by the shareholder and with no liability whatsoever accepted by the Fund.

The Conversion price is calculated according to the provisions in the section 10 "Determination of the Net Asset Value of Shares" and is, normally, based on the closing prices of the Conversion Day. Unless otherwise provided elsewhere, the conversion price, if any, is based on the net asset values per share in the switched-out and in the switched-in Share Clas-ses plus a Conversion Fee, if any, that may amount up to 1% of the value of the transaction and any taxes, commissions and other applicable fees.

No conversion can be made into the U Share Class.

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Conversion into S shares is solely possible for institutional in-vestors that meet the requirements for subscription to S shares.

Conversion into shares reserved for institutional investors is solely possible for institutional investors who meet the respec-tive requirements for subscription of such shares.

Conversion into R shares is solely possible for investors that meet the requirements for subscription to R shares.

The number of shares to be issued in the switched-in Share Class is determined as follows:

A = B x C x E

D

A is the number of shares to be issued in the switched-in Share Class;

B is the number of shares of the switched-out Share Class;

C is the applicable net asset value per share of the switched-out Share Class minus any conversion fees, any taxes, commissions and other applicable fees if any;

D is the applicable net asset value per share of the switched-in Share Class;

E is the exchange rate (if any) between the currency of the switched-out and switched-in Share Classes.

Fractional shares of the new Share Class will be allotted to up to 3 decimal places. Any differences arising upon conversion shall only be refunded to shareholders if their amount ex-ceeds CHF 25 (or the equivalent value of this sum in the re-spective currency) per request due to the transaction costs that would be incurred in connection with the remitting of such refund. If a difference is not refunded, it will be credited to that Sub-Fund whose shares are to be converted.

The provisions of sections 12 ("Issue of Shares") and 13 ("Re-demption of Shares") relating to revocation of orders, rejec-tion of orders as well as to the payments in currencies other than the currencies of the relevant Share Classes apply muta-tis mutandis.

Transfer of Shares

The transfer of shares may normally be carried out by submit-ting a confirmation of this transfer to the Administrator. For the purpose of identification of shareholders, a new owner of shares undertakes to complete a subscription request if they are a new shareholder in the Fund.

If the Administrator receives a transfer application, it shall, fol-lowing examination of the endorsement, be entitled to request that the signature(s) be verified by a bank, stockbroker or no-tary approved by it.

Prior to effecting such a transfer, shareholders are advised to contact the Administrator to obtain assurance that they hold all documents required for the execution of this transfer.

The provisions of the sections 12 ("Issue of Shares") and 13 ("Redemption of Shares") apply mutatis mutandis.

Temporary Suspension of Net Asset Value Calcula-tion, Issues, Redemptions and Conversions of Shares

The Board of Directors is empowered temporarily to suspend the calculation of the net asset value of one or more Sub-Funds or one or more Share Classes and valuation per share as well as the issue, redemption, conversion and transfer of shares in the following cases:

when one or more stock exchanges or other markets used as the basis for valuing a substantial portion of the total net assets of a particular Sub-Fund are closed, for which trade is suspended, other than for ordinary holidays or if these exchanges and markets are subject to restrictions or considerable short-term volatility;

in an emergency as a result of which the availability or the determination of the valuation of assets owned by the Sub-Fund attributable to such a Sub-Fund would be im-practicable; or

when the means of communication normally used in set-ting the price or value of investments in a particular Sub-Fund or used for the applicable prices or values on a se-curities exchange is interrupted;

during any period when the Fund is unable to repatriate funds for the purpose of paying the redemption price of the shares of such Share Class or when – in the opinion of the Board of Directors – any transfer of funds involved in the realization or acquisition of investments or in pay-ments due on redemption of shares cannot be effected at normal exchange rates; or

in the event of publication (i) of a notification convening a general meeting of shareholders to resolve on liquidation of the Fund or of a Sub-Fund, or of a resolution of the Fund's Board of Directors to liquidate one or more Sub-Funds, or (ii), if suspension is justified with a view to pro-tecting shareholders, in the event of a notification conven-ing a general meeting of shareholders to resolve on merg-ing the Fund or a Sub-Fund, or of a resolution of the Fund's Board of Directors with regard to merging one or more Sub-Funds.

The Board of Directors shall notify shareholders of the sus-pension in an appropriate manner. Shareholders who have submitted an application for subscription or redemption of shares in the Sub-Funds for which calculation of net asset value has been suspended will be notified immediately of the beginning and end of the period of suspension.

Such suspension in relation to any Sub-Fund shall have no effect on the calculation of the net asset value, the issue, re-demption, conversion and transfer of the shares of any other Sub-Fund.

Risk Management Process & Liquidity Risk Manage-ment Process

a) Risk Management Process The Management Company employs a risk management pro-cess, which enables it to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of each Sub-Fund, and covers notably market, liquidity, credit, counterparty risk and all other risks including opera-

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tional risks, which are material for the Sub-Funds. In particu-lar, it shall not solely or mechanistically rely on the credit rat-ings issued by credit rating agencies for assessing the credit-worthiness of the Sub-Fund’s assets. The Management Company employs a process for accurate and independent assessment of the value of OTC derivative instruments.

The measurement and monitoring of the global exposure of the Sub-Funds will be carried out either using a value at risk (VaR) or a commitment approach.

The commitment approach is generally calculated by convert-ing the derivative contract into the equivalent position in the underlying asset embedded in that derivative, based on the market value of the underlying, and by applying netting and hedging in accordance with ESMA guidelines 10/788. The commitment arising from financial derivative instruments may not exceed the total net asset value of the Sub-Fund.

The VaR approach measures the potential loss to a fund at a particular confidence (probability) level over a specific time period and under normal market conditions. The Management Company uses the 99% confidence interval and one month measurement period for the purposes of carrying out this cal-culation.

There are two types of VaR measure which can be used to monitor and manage the global exposure of a Sub-Fund: "Relative VaR" and "Absolute VaR". The absolute VaR ap-proach calculates a Sub-Fund's VaR as a percentage of the net asset value of the relevant Sub-Fund, and shall not ex-ceed an absolute limit of 20%.

Relative VaR is where the VaR of a Sub-Fund is divided by the VaR of an appropriate benchmark or reference portfolio, allowing the global exposure of a Sub-Fund to be compared to, and limited by reference to, the global exposure of the ap-propriate benchmark or reference portfolio. The VaR of the Sub-Fund shall not exceed twice the VaR of its benchmark.

The specific approach used by each Sub-Fund is set out in the relevant Sub-Fund appendix in the Special Part.

b) Liquidity Risk Management Process The Management Company has established, implemented and consistently applies a liquidity risk management process and has put in place prudent and rigorous liquidity manage-ment procedures which enable it to monitor the liquidity risks of the Sub-Funds and to ensure compliance with the internal liquidity thresholds so that a Sub-Fund can normally meet its obligation to redeem its shares at the request of shareholders at all times.

Qualitative and quantitative measures are used to monitor portfolios and securities to seek to ensure investment portfo-lios are appropriately liquid and that Sub-Funds are able to honour shareholders’ redemption requests. In addition, share-holders’ concentrations are regularly reviewed to assess their potential impact on the liquidity of the Sub-Funds.

Sub-Funds are reviewed individually with respect to liquidity risks.

The Management Company’s liquidity management proce-dure takes into account the investment strategy, the dealing

frequency, the underlying assets’ liquidity (and their valuation) and shareholder base.

The liquidity risks are further described in the section "Liquid-ity Risk" of section 7 “Notice Regarding Special Risks”.

The Board of Directors, or the Management Company as ap-propriate may also make use, among others of the following liquidity management tools to manage liquidity risk:

As described in section 10 “Determination of the Net Asset Value of Shares”, point E. Swing Pricing, the net asset value on any Valuation Day may be adjusted when the Sub-Fund experiences significant net subscriptions or redemptions.

As described under section 13 “Redemption of Shares”, where redemption applications constitute more than a certain percentage of the net assets of the relevant Sub-Fund on a Redemption Day, the Board of Directors may in the interests of investors only decide to execute redemption applications provided no more than such percentage of the net asset value of the respective Sub-Fund is affected on any single Business Day.

As described under section 13 “Redemption of Shares”, the payment in full of the redemption price may be suspended for up to five (5) Business Days in certain cases.

As described under Section 16 “Temporary suspension of the calculation of the net asset value, issue, redemption and con-version of shares”, the Fund is empowered to temporarily sus-pend the calculation of the net asset value of one or more Sub-Funds or one or more share classes and valuation per share as well as the issue, redemption and conversion.

As described under the section 13 “Redemption of Shares”, following a request from a shareholder and upon the authori-zation by the Board of Directors, carry out a redemption in kind.

Shareholders that wish to assess the underlying assets’ li-quidity risk for themselves should note that the Sub-Funds complete portfolio holdings are indicated in the latest annual report, or the latest semi-annual report where this is more re-cent, as further described under section 22.2 Investor infor-mation.

Distribution Policy

The Board of Directors may decide to issue the shares of a Sub-Fund either as accumulation shares or income shares.

In the case of income shares, the general meeting of share-holders may decide to distribute capital and the Board of Di-rectors may also decide to pay interim distributions.

Distributions may be paid out of realized or unrealized profit as well as out of invested capital. However, distributions shall not result in the Fund's net assets falling below the stipulated minimum level as defined in the 2010 Law. Payment of distri-butions out of unrealized profit or out of invested capital may result in a reduction of the net asset value per Share over time and the net asset value per Share may fluctuate more than other Share Classes. Distribution of capital represents a withdrawal of a part of an investor's original investment. Pay-ment of distributions out of unrealized profit may result in pay-ment out of invested capital if the realization of the relevant

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position yields a return lower than its value calculated for the purpose of determining the distribution amount (i.e. if the rele-vant position exhibits a negative return during the period of calculating the distribution amount and the realization of this position).No distributions shall be paid for accumulation shares. Shareholders of accumulation shares participate in the Sub-Fund's profit and loss through a corresponding in-crease in value of their share.

Dividends not claimed within 5 years from their due date will lapse and revert to the relevant Share Class of the Sub-Fund.

Market Timing and Late Trading

Repeatedly buying and selling shares in order to exploit valu-ation inefficiencies in the Fund ('market timing') may affect the Fund's investment strategies and increase the Fund's costs, thus having a detrimental impact on the interests of long-term shareholders in the Fund.

The Board of Directors does not permit such market timing practices and reserves the right to reject subscription and conversion applications from shareholders whom the Board of Directors suspects of engaging in such practices, and to take any measures necessary to protect other shareholders in the Fund.

Market timing is a form of arbitrage in which shareholders systematically subscribe and redeem/convert shares in the same mutual fund during a short period of time by exploiting time differences and/or errors/inefficiencies in calculating the fund's net asset value.

Late trading refers to the acceptance of subscription, conver-sion or redemption applications after the defined cut-off time on the respective transaction day and the execution of such orders based on the net asset value determined for the same day.

Accordingly, subscriptions, conversions and redemptions of shares are carried out on the basis of an unknown net asset value ('forward pricing').

Fees and Expenses

20.1 Management Fee

The relevant Sub-Fund pays a fee, known as a 'Management Fee', which covers all costs relating to possible services ren-dered in connection with investment management and distri-bution and is payable at the end of every month. The compo-sition of this Management Fee is determined by the Investment Managers, insofar as applicable, the Sub-Invest-ment Managers and the distributors concerned. This Manage-ment Fee is calculated based on the average of the daily net asset values of the Sub-Fund concerned during the relevant month. Information regarding the applicable Management Fee for each Sub-Fund is stipulated in the Special Part for the re-spective Sub-Fund.

20.2 Performance Fee

In addition, a performance-related remuneration ("Perfor-mance Fee") may be charged to the Sub-Fund assets or to the relevant Share Classes, if such a Performance Fee is en-visaged in the Special Part applicable to the Sub-Fund in

question. The Performance Fee shall be calculated separately for each Share Class.

In case a Sub-Fund applies the single swing pricing mecha-nism, any performance fee in this Sub-Fund will be calculated and accrued on the basis of the unswung net asset value (“NAV”). Unless the Special Part specifies otherwise, the following principles shall apply to the calculation of the Performance Fee:

The Performance Fee shall be calculated on each Valuation Day and accrued in accounting terms. The Performance Fee owed shall be paid on the Valuation Day on which the Perfor-mance Fee is crystallized (the “Crystallization Day”).

No equalization accounting or multi-series accounting meth-ods, etc. shall be applied in calculating the Performance Fee. This may mean that an investor does not benefit from a posi-tive performance, depending on the point in time when said investor subscribes to shares, but is charged a Performance Fee because of the positive overall performance of the Sub-Fund over the Performance Reference Period of at least five years.

If shares are redeemed during a Performance Reference Pe-riod, that part of the Performance Fee which has been ac-crued during the relevant Performance Fee Period up to the Redemption Day on which the shares are redeemed (as de-fined in and in accordance with section 13 "Redemption of shares") shall also be retained – irrespective of whether or not a Performance Fee is owed on the Crystallization Day.

The Performance Fee shall be calculated on the basis of the "High Watermark Principle" ("HWM Principle") and/or the "Hurdle Rate Principle". The calculation method to be applied is stipulated in the Special Part for the relevant Sub-Fund.

When a Share Class of a Sub-Fund is launched, the first High Water Mark (HWM) is identical to the initial issue price of the respective Share Class.

When a Performance Fee is subsequently introduced for a Share Class, the first HWM is identical to the NAV of the rele-vant Share Class as calculated on the Valuation Day on which the Performance Fee for the Share Class is introduced.

1. HWM principle Unless the Special Part for the respective Sub-Fund or for a Share Class specifies otherwise, pursuant to the HWM princi-ple, a Performance Fee shall be owed if the net asset value of the respective Share Class on a Valuation Day exceeds the adjusted HWM (outperformance). The NAV per share of each Share Class shall in each case be calculated prior to any re-duction or increase for any accrued Performance Fee.

The adjusted HWM means the HWM that has been reduced by the amount of redemptions or increased by the amount of new subscriptions during the relevant Performance Reference Period. The HWM is further adjusted to the corporate actions on the Fund and/ or the Sub-Fund level which have an impact on the NAV per share, e.g. payment of dividends and subse-quent adjustment (reduction) of the NAV per share of the Share Class that paid out the dividends.

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In the event of outperformance, the Performance Fee owed for the relevant Share Class shall be ascertained, accrued in accounting terms and paid as of the Crystallization Day, i.e. as of 31 August of a year. The crystallization frequency shall not be more than once a year.

At the end of each Performance Reference Period, the HWM is reset, i.e. starting HWM for the following Performance Ref-erence Period is the NAV of the relevant Share Class of the Sub-Fund calculated on the last Business Day of the relevant Performance Reference Period. A general reset is possible by a lower NAV than the relevant HWM after a five years Perfor-mance Reference Period.

Illustrative example for Performance Fee Calculation us-ing the HWM Principle:

– Business Day 1:

The unswung net asset value per Share exhibits a posi-tive return.

The unswung net asset value per Share rises from 100.00 to 102.00 (before Performance Fee accrual). The percentage change since inception amounts to 2.00% (= (102.00/100.00 – 1)*100%) in favor of the unswung net asset value per Share. If the Performance Fee rate is set to 20% of the out-performance, a Performance Fee amounts to 0.40 (= 20% * (102-100)) per Share, is accrued on this Business Day and will be paid to the Investment Manager on the Crystallization Day.

The unswung net asset value per Share after Performance Fee accrual amounts to 101.60 (=102-0.40).

The High Water Mark is set at 101.6.

– Business Day 2:

The unswung net asset value per Share exhibits a negative return.

The unswung net asset value per Share declines from 101.60 to 99.00 (before Performance Fee accrual). The NAV per Share is below the HWM. Therefore, no additional Perfor-mance Fee is accrued at this Business Day.

The High Water Mark remains at 101.6.

– Business Day t (which is any Business Day during the relevant Reference Period, except for Business Day 1, Business Day 2 and last Business Day of the relevant Perfor-mance Reference Period):

The unswung net asset value per Share exhibits a positive re-turn.

The unswung NAV per Share rises from NAVt-1, which is the NAV per Share calculated as of the Business Day preceding the Business Day t and which was below the High Water Mark amounting to 101.6, passes for the first time the High Water Mark since the Business Day 1 and amounts to 105.30 (before Performance Fee accrual). The NAV per Share on the Business Day t is above the HWM. Therefore, a Performance Fee of 0.74 (= 20% * (105.30-101.60)) per Share is accrued at this Business Day and will be paid to the Investment Man-ager together with the Performance Fee already accrued on Business Day 1 on the Crystallization Day.

The unswung NAV per Share after Performance Fee accrual amounts to 104.56 (=105.30-0.74).

The new High Water Mark is set at 104.56.

– Business Day tc (which is the Business Day on which the Performance Fee is crystallized):

The unswung net asset value per Share has not passed the High Water Mark of 104.56 on any Business Day since the Business Day t until the Business Day tc.

The Investment Manager receives a performance fee amount-ing to 1.14 (=0.40+0.74).

– Business Day te (which is the last Business Day of the relevant Performance Reference Period):

The unswung net asset value per Share has not passed the High Water Mark of 104.56 on any Business Day since the Business Day t until the Business Day te.

– Business Day t0 (which is the first Business Day of the following Performance Reference Period):

The HWM for the purposes of the determination of the Perfor-mance Fee in the next Performance Reference Period is reset meaning that the NAV per Share is set at the level of the HWM of the preceding Performance Reference Period which is 104.56

Formula for the calculation of the Performance Fee using the HWM Principle:

PF = Σ PR*(NAVt - HWMt)

Where,

- PF is the amount of the Performance Fee due

- PR is the Performance Fee rate and is used as a decimal fraction

- NAVt is the net asset value on any Business Day on which the net asset value is higher than the relevant High Water Mark

- HWMt is the HWM applicable on the Business Day t

2. Hurdle Rate Principle Unless the Special Part provides otherwise for a Share Class, pursuant to the Hurdle Rate Principle, a Performance Fee shall be owed if the change in the NAV of the relevant Share Class from the preceding Business Day to the current Busi-ness Day is greater than the performance of the Hurdle Rate over this period (outperformance). In the event of outperfor-mance, the Performance Fee owed for the relevant Share Class shall be ascertained, accrued in accounting terms and paid on the Crystallization Day.

As a rule, any claim to the Performance Fee may also be made dependent on whether the change in the net asset value of the respective Share Class of the Sub-Fund from the beginning of the Performance Reference Period until the Crystallization Day is greater than the performance of the Hurdle Rate defined in the respective Sub-Fund for the rele-vant Share Class over this period ("Performance Reference Period Outperformance"). If this basic condition is to apply,

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this is stipulated in the Special Part for the respective Sub-Fund.

The Hurdle Rate is a benchmark or a percentage; this does not have to be a fixed number but may be a varying one which can be adjusted on the last valuation day of the Perfor-mance Reference Period in line with prevailing market condi-tions. The Hurdle Rate is set down in the Special Part apply-ing to the relevant Sub-Fund.

Illustrative Example for Performance Fee Calculation us-ing the Hurdle Rate Principle:

– Business Day 1:

The unswung NAV per Share as well as the respective hurdle rate (the “Hurdle Rate”) exhibit a positive return. The return of the unswung NAV per Share exceeds the re-turn of the Hurdle Rate.

The unswung NAV per Share rises from 100.00 to 110.00 (before Performance Fee accrual) and the Hurdle Rate rises from 100.00 to 105.00. The difference between the percent-age changes amounts to 5.00% (= (110/100 – 105/100)*100%) in favor of the unswung NAV per Share. If the Performance Fee rate is set to 20% of the outperfor-mance, a Performance Fee of 1.00 (= 20% * 5.00% * 100.00) per Share is accrued at this Business Day and will be paid to the Investment Manager when the performance fee is crystal-lized.

The unswung net asset value per Share after Performance Fee accrual amounts to 109.00 (=110-1).

– Business Day 2:

The unswung NAV per Share as well as the respective Hurdle Rate exhibit a positive return. The return of the unswung NAV per Share exceeds the return of the Hurdle Rate, but the difference between the percentage changes since the latest Performance Fee accrual is negative.

The unswung NAV per Share rises from 109.00 to 115.00 (before Performance Fee accrual) and the Hurdle Rate rises from 105.00 to 114.00. The difference between the percent-age changes since the latest Performance Fee accrual (i.e. relative performance of the Sub-Fund towards its Hurdle Rate) is negative and amounts to -3.07% (=(115/109 – 114/105)*100%). Therefore, no additional Performance Fee is accrued at this Business Day.

– Business Day 3:

The unswung NAV per Share exhibits a positive return and the respective Hurdle Rate a negative return. The re-turn of the unswung NAV per Share exceeds the return of the Hurdle Rate, but the difference between the percent-age changes since the latest Performance Fee accrual re-mains negative.

The unswung NAV per Share rises from 115.00 to 116.50 (before Performance Fee accrual) and the Hurdle Rate de-clines from 114.00 to 112.50. In spite of the positive perfor-mance of the unswung NAV per Share over the Hurdle Rate, the difference between the percentage changes since the lat-est Performance Fee accrual remains negative and amounts

to -0.26% (= (116.5/109 – 112.5/105)*100%). Therefore, no additional Performance Fee is accrued at this Business Day.

– Business Day 4:

The unswung NAV per Share as well as the respective Hurdle Rate exhibit a negative return. The unswung NAV per Share gains relative to the Hurdle Rate and the differ-ence between the percentage changes since the latest Performance Fee accrual is positive.

The unswung NAV per Share declines from 116.50 to 108.00 (before Performance Fee accrual) and the Hurdle Rate de-clines from 112.50 to 102.85. The unswung NAV per Share is below the unswung NAV per Share at the point in time when the latest Performance Fee was accrued. However, the differ-ence between the percentage changes in the unswung net asset value per Share and the Hurdle Rate since the latest Performance Fee accrual amounts to 1.13% (= (108/109 – 102.85/105)*100%) in favor of the unswung NAV per Share. Therefore, a Performance Fee of 0.25 (= 20% * 1.13% * 109.00) per Share is accrued as of this Business Day and will be paid to the Investment Manager when the performance fee is crystallized. The unswung net asset value per Share after Performance Fee accrual amounts to 107.75 (=108 – 0.25).

Formula for Performance Fee calculation using the Hur-dle Rate Principle*:

PF = Σ PR*((NAVt / NAVt-1 – BMt / BMt-1)*NAVPF

Where,

- PF is the amount of the Performance Fee due

- PR is the Performance Fee rate and is used as a decimal fraction

- NAVt is the NAV on any given Business Day t

- NAVt-1 is the NAV on the Business Day immediately preceding Business Day t

- BMt is the value of the Benchmark on the Business Day t

- BMt-1 is the value of the Benchmark on the Business Day immediately preceding Business Day t

- NAVPF is the unswung NAV per Share on the Busi-ness Day on which the latest Performance Fee ac-crual took place

*This formula does not account for the offset effects described in the examples of business Days 3 and 4.

3. Calculation of Performance Fee by both HWM and Hurdle Rate Principle

If the Performance Fee is calculated by application of both the HWM Principle and the Hurdle Rate Principle cumulatively, then a Performance Fee shall be owed – unless stipulated otherwise in the Special Part applying to the relevant Sub-Fund or for a Share Class of the Sub-Fund – if the net asset value of the relevant Share Class of a Sub-Fund is above the adjusted HWM on a Business Day and the growth in the NAV per share from the preceding valuation day to the current val-uation day is greater than the performance over this period of

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the Hurdle Rate defined in the relevant Sub-Fund for the Share Class ('outperformance').

If the above conditions are met at the same time, then the Performance Fee owed for the relevant Share Class shall be ascertained, accrued in accounting terms and paid at the end of the Performance Reference Period.

Conditions for Performance Fee calculation using both the HWM and the Hurdle Rate Principle*:

Where,

- NAVt is the NAV on any given Business Day t

- NAVt-1 is the NAV on the Business Day immediately preceding Business Day t

- BMt is the value of the Benchmark on the Business Day t

- BMt-1 is the value of the Benchmark on the Business Day immediately preceding Business Day t

- HWMt is the High Water Mark applicable on the Business Day t

*These conditions do not account for any offset effects.

20.3 Service Fee

In addition, the relevant Sub-Fund pays a 'Service Fee', which covers the costs involved in central administration, manage-ment, the Depositary function and support for the Fund. This Service Fee shall be calculated on the average daily net asset value of the relevant Sub-Fund during the relevant month and charged to the assets of the relevant Sub-Fund at the end of the month. Commissions due to the Management Company, the Administrator, the Depositary, the Representatives and Paying Agents in the countries in which the Fund is sold are paid from this Service Fee.

The applicable Service Fee for each Sub-Fund is provided in the Special Part for the respective Sub-Fund.

20.4 Further charges and costs

The Fund shall bear the fees and expenses of its auditors.

The relevant Sub-Fund bears its operational costs (which are set out in greater detail under section 10 "Determination of the Net Asset Value of Shares"), including the costs incurred in connection with buying and selling securities as well as other transaction costs, costs for research services, where applicable, governmental charges, economic advisory fees (including tax advisory and tax reporting costs), legal fees, in-terest, advertising, reporting and publishing expenses, ex-penses for investor and distribution country specific reporting and data provision, post-age, telephone, telex and other elec-tronic communication charges, index fees, where applicable, expenses relating to participation in bondholder groups, re-structurings, class actions and other litigations, as well as

similar fees. These fees and expenses are charged to the as-sets of the relevant Sub-Fund and are considered in the price of shares.

The costs and expenses of establishing a Sub-Fund are borne by the Fund and amortized over the first five years or written off directly against income and capital.

The Administrator may levy an annual service charge on shareholders resident in certain countries of not more than 1.5% per annum on the total net asset value of all shares of the Fund registered in the name of these shareholders to cover its additional servicing costs in such countries, provided the specific documentation handed out to shareholders in these countries together with the Sales Prospectus provides for, and the shareholder accepts, this charge at the time of subscription. To cover these costs, the shareholder may allow the sale of fractions of his/her shares. The Administrator may use all or part of this fee to pay for the services of agents of the Fund in these countries.

In relation to the payment or the receipt of any fees, charges, costs or commissions, the Management Company must act honestly, fairly and professionally in accordance with the best interests of the relevant Sub-Fund. The Management Com-pany will not be regarded as acting so if, in relation to the ac-tivities of investment management and administration of the relevant Sub-Fund, it pays or is paid any fee or commission, or provides or is provided with any non-monetary benefit, other than the following:

a fee, commission or non-monetary benefit paid or pro-vided to or by the relevant Sub-Fund or a person on be-half of the relevant Sub-Fund;

a fee, commission or non-monetary benefit paid or pro-vided to or by a third party or a person acting on behalf of a third party, where the following conditions are satisfied:

the existence, nature and amount of the fee, commission or benefit, or, where the amount cannot be ascertained, the method of calculating that amount must be clearly disclosed to the Fund in a manner that is comprehensive, accurate and understandable, prior to the provision of the relevant service;

the payment of the fee or commission, or the provision of the non-monetary benefit must be designed to enhance the quality of the relevant service and not impair compli-ance with the Management Company's duty to act in the best interests of the relevant Sub-Fund;

the payment of the fee or commission, or the provision of the non-monetary benefit must be directly related to the management of the Fund;

payments due to a brokerage commission or fee shall be done in favor of entities and not of individuals;

payment of a fee, commission or non-monetary benefit by or to the Investment Managers shall be disclosed and reported to the Management Company on a regular ba-sis;

proper fees which enable or are necessary for the provi-sion of the relevant service, including custody costs, set-tlement and exchange fees, regulatory levies or legal

NAVt / NAVt-1 – BMt / BMt-1 >0 and NAVt > HWMt {

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fees, and which, by their nature, cannot give rise to con-flicts with the Management Company's duties to act hon-estly, fairly and professionally in accordance with the best interests of the relevant Sub-Fund.

For the purposes of letter b) point i) here above, the Manage-ment Company may disclose the essential terms of the ar-rangements relating to the fee, commission or non-monetary benefit in summary form, provided that the Management Company undertakes to disclose further details at the request of the shareholder and provided that it honors that undertak-ing. The exact amount of remuneration paid for fees and ex-penses is given in the semi-annual and annual report.

20.5 Allocation of expenses

Current expenses will be charged generally first against in-come and any excess amounts will be charged to capital.

For the purpose of determining the distributable amount of the distributing share classes of a Sub-Fund, current expenses attributable to distributing classes may be charged in whole to the invested capital leaving the income and capital apprecia-tion unaffected. Distributable income will thus be effectively increased at the expense of invested capital to the extent the current expenses are paid from invested capital which will ei-ther be eroded or future growth constrained.

Taxation

21.1 The Fund

The Sub-Funds are, in principle, subject to a subscription tax (taxe d'abonnement) levied at the rate of 0.05% per annum based on their net asset value at the end of the relevant quar-ter, calculated and paid quarterly.

A reduced subscription tax rate of 0.01% per annum may however be applicable to any

– Sub-Fund whose exclusive object is the collective in-vestment in money market instruments, the placing of deposits with credit institutions, or both.

– Sub-Fund or Share Class provided that their shares are reserved to one or more institutional investors within the meaning of article 174 of the 2010 Law (an "Institutional Investor").

A subscription tax exemption may apply to:

– The portion of any Sub-Fund's assets (prorata) invested in a Luxembourg investment fund or any of its sub-funds to the extent it is subject to the subscription tax;

– Any Sub-Fund (i) whose securities are reserved to Insti-tutional Investor(s), and (ii) whose sole object is the col-lective investment in money market instruments and the placing of deposits with credit institutions, and (iii) whose weighted residual portfolio maturity does not exceed 90 days, and (iv) that have obtained the highest possible rating from a recognized rating agency. If several Share Classes are in issue in the relevant Sub-Fund meeting (ii) to (iv) above, only those Share Classes meeting (i) above will benefit from this exemption;

Any Sub-Fund only held by pension funds and assimilated ve-hicles.

The subscription tax rate applicable to the respective Share Class is set forth in the Special Part.

Withholding tax

Investor withholding tax

Distributions made by the Fund as well as capital gains real-ized on a disposal or a redemption of Shares are not subject to withholding tax in Luxembourg.

Withholding tax in source countries

Interest and dividend income received by the Fund may be subject to non-recoverable withholding tax in the source coun-tries. The Fund may further be subject to tax on the realized or unrealized capital appreciation of its assets in the countries of origin. The Fund may benefit from double tax treaties en-tered into by Luxembourg, which may provide for exemption from withholding tax or reduction of withholding tax rate.

Distributions made by the Fund as well as liquidation pro-ceeds and capital gains derived therefrom are not subject to withholding tax in Luxembourg.

21.2 Shareholders

Prospective investors should seek professional advice on the possible tax-related or other consequences of the buying, holding, conversion, disposal or redemption of shares of the relevant Sub-Fund in their own country, at their place of resi-dence or tax domicile.

Except as described in 'European Legislation' below, under current legislation shareholders are not subject to investment income tax, income tax, estate duties, inheritance tax or any other tax in Luxembourg (with the exception of shareholders with a tax domicile, residence or business establishment in Luxembourg).

European Legislation

Automatic Exchange of Information

CRS

The Organisation for Economic Co-operation and Develop-ment ("OECD") has developed a common reporting standard ("CRS") to achieve a comprehensive and multi-lateral auto-matic exchange of information (AEOI) on a global basis. On 29 October 2014, Luxembourg signed the OECD’s multilateral competent authority agreement (“Multilateral Agreement”) to automatically exchange information under the CRS. The Mul-tilateral Agreement aims to implement the CRS among non-Member States; it requires agreements on a country-by-coun-try basis. On 9 December 2014, Council Directive 2014/107/EU amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation (the "DAC2") was adopted in order to implement the CRS among the EU Member States (the "Member States").

The CRS and DAC2 were implemented into Luxembourg law by the law of 18 December 2015 on the automatic exchange of financial account information in the field of taxation ("CRS Law"). The CRS Law requires Luxembourg financial institu-tions to identify their financial account holders (including cer-tain entities and their controlling persons) and establish if they

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are fiscally resident in (i) an EU Member State other than Lux-embourg or (ii) a jurisdiction which has signed the Multilateral Agreement and which is identified in the list of reportable ju-risdictions published by Grand Ducal Decree (“CRS Reporta-ble Accounts”). The first official list of CRS reportable jurisdic-tions was published on 24 March 2017 and is updated from time to time. Luxembourg financial institutions will then report the information on such CRS Reportable Accounts to the Lux-embourg tax authorities (Administration des Contributions Di-rectes), which will thereafter automatically transfer this infor-mation to the competent foreign tax authorities on a yearly basis.

Accordingly, the Fund may require its Investors to provide in-formation or documentation in relation to the identity and fis-cal residence of financial account holders (including certain entities and their controlling persons) in order to ascertain their CRS status. Responding to CRS related questions is mandatory. The personal data obtained will be used for the purpose of the CRS Law in compliance with Luxembourg data protection law. Information regarding an Investor and his/her/its account will be reported to the Luxembourg tax au-thorities (Administration des Contributions Directes), which will thereafter automatically transfer this information to the competent foreign tax authorities on a yearly basis, if such an account is deemed a CRS reportable account under the CRS Law.

The Fund is responsible for the treatment of the personal data provided for in the CRS Law. The Investors have a right of ac-cess to and rectification of the data communicated to the Lux-embourg tax authorities (Administration des Contributions Di-rectes) which can be exercised by contacting the Fund at its registered office.

The Fund reserves the right to refuse any application for Shares if the information, whether provided or not, does not satisfy the requirements under the CRS Law.

Investors should consult their professional advisors on the possible tax and other consequences with respect to the im-plementation of the CRS.

DAC6

On 25 May 2018, the EU Council adopted a directive (2018/822 amending Directive 2011/16/EU as regards man-datory automatic exchange of information in the field of taxa-tion) that imposes a reporting obligation on parties involved in transactions that may be associated with aggressive tax plan-ning (“DAC6”).

More specifically, the reporting obligation will apply to cross border arrangements that, among others, satisfy one or more “hallmarks” provided for in DAC6 (the “Reportable Arrange-ments”).

In the case of a Reportable Arrangement, the information that must be reported includes the name of all relevant taxpayers and intermediaries as well as an outline of the Reportable Ar-rangement, the value of the Reportable Arrangement and identification of any Member States likely to be concerned by the Reportable Arrangement.

The reporting obligation in principle rests with persons that design, market or organize the Reportable Arrangement and

provisional advisors (intermediaries). However, in certain cases, the taxpayer itself can be subject to the reporting obli-gation.

The information reported will be automatically exchanged be-tween the tax authorities of all Member States.

DAC6 must be implemented in the domestic laws of the Mem-ber States by 31 December 2019 and will only apply from 1 July 2020 with the first reporting deadline being 31 August 2020. However, at that time, it will be necessary to report the Reportable Arrangements the first step of which was imple-mented between 25 June 2018 and 1 July 2020.

In light of the broad scope of DAC6, transactions carried out by the Fund may fall within the scope of DAC6 and thus be reportable (subject however to the way DAC6 will be imple-mented into national laws).

The above is simply a short summary of the effects of the DAC2 and DAC6 and of the Luxembourg Law and is based on its current interpretation. This summary makes no claim to being complete. It includes no investment or tax advice. Investors are therefore advised to obtain ad-vice from their financial or tax advisor with regard to all the effects of the DAC2, DAC6 and of the Luxembourg Law relevant to themselves.

General Information

22.1 Organization

The Fund is an investment company formed as a public lim-ited company under Luxembourg law. It has the specific legal form of an investment company with variable capital (SICAV). The Fund was incorporated in Luxembourg on 4 October 1991 for an unlimited duration with fully paid up share capital of CHF 55,000. The Articles of Association were first pub-lished in the Mémorial, Recueil des Sociétés et Associations ("Mémorial") on 18 November 1991. The Articles of Associa-tion were last amended on 15 April 2016 by an extraordinary general meeting of the shareholders and amendments were published in the RESA ("Recueil Electronique des Sociétés et Associations on 15 June 2016. The Fund is entered in the commercial register of Luxembourg, under no. B38170. Cop-ies of the amended Articles of Association are available for in-spection in the commercial register of Luxembourg and the registered office of the Fund in Luxembourg.

22.2 Investor information

The currently valid version of the Sales Prospectus, the Fund's Articles of Association, the latest annual report, or the latest semi-annual report where this is more recent, and the KIIDs for the Sub-Funds are available from the Administrator, the Depositary, the relevant Paying and Information Agents in the countries in which the Fund is distributed and the repre-sentative in Switzerland. The Management Company may give to Investors further information to enable the relevant In-vestors to comply with the legal and regulatory requirements applicable to them.

22.3 Publication of prices

The net asset value per share shall be calculated on each Valuation Day. A list of the days on which the net asset value

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per share is calculated is available on request from the regis-tered office of the Management Company. The net asset value calculated on a Valuation Day will be published with the date of the transaction day. Exceptions to this being the Sub-Funds listed in the Special Part, which are invested in accord-ance with investment policy in Asia and the Far East; for these Sub-Funds the net asset value calculated on a Valua-tion Day is published with the date of the Valuation Day. The net asset value shall be determined in the currency of the Sub-Fund concerned. The net asset value per Share Class as well as the issue and redemption prices shall be made availa-ble at the registered office of the Fund and through the repre-sentatives of the Fund in the countries where the Fund has been approved for distribution.

22.4 General meetings and reporting

The annual general meeting of Shareholders of the Fund will be held each year at the registered office of the Fund in Lux-embourg on the second Tuesday in February at 11.00 a.m. or, if this is not a bank working day, on the next bank working day. Owners of registered shares are sent a notice convening the meeting at least 8 days prior to the general meeting at the addresses entered in the register. These invitations will in-clude information on the time and place of the general meet-ing, the conditions for admission, the agenda and on the nec-essary quorum and majority provisions under Luxembourg law. The conditions for admission and the provisions on quorum and majorities for all general meetings are set out in Art. 450-1 and 450-3 of the Law of 10 August 1915 on com-mercial companies (as amended) of the Grand Duchy of Lux-embourg and in the articles of association. According to the Articles of Association, any resolution that concerns only one Share Class or Sub-Fund or that unfavorably alters the rights of one Share Class or Sub-Fund shall be valid only if ap-proved by a majority within each Share Class or each affected Sub-Fund as provided by law and the Articles of Association.

Audited annual reports for the Fund, converted into Swiss francs ("CHF"), and for each of the Sub-Funds, drawn up in the currency of the relevant Sub-Fund, as well as unaudited semi-annual reports, may be obtained at the registered office of the Fund and shall be mailed free of charge to registered shareholders upon request. The audited annual reports and unaudited semi-annual reports for the Fund will also be made available on the Internet at vontobel.com/am and at the regis-tered office of the Fund. The accounting year of the Fund ends each year on 31 August.

22.5 Liquidation, merger and division of Sub-Funds or Share Classes / Pooling

1. Pursuant to the Articles of Association, the Board of Direc-tors may decide to liquidate a Sub-Fund or a Share Class if the net asset value of a Sub-Fund/Share Class has reached a value set by the Board of Directors as the mini-mum value for economically efficient management of this Sub-Fund/Share Class, or if a change in the economic or political situation which affects the Sub-Fund concerned justifies such liquidation under consideration of the inter-ests of shareholders, or if liquidation of a Sub-Fund/Share Class is in the interests of shareholders for any other rea-son. The liquidation decision shall be announced prior to the effective date of the liquidation and the announcement

shall indicate the reasons for the liquidation and the key data relating to the liquidation. This information can in-stead be made public by sending a letter by registered mail to the shareholders. Shareholders of the Sub-Funds/Share Classes to be liquidated may continue to re-quest redemption or conversion of their shares, unless the Board of Directors decides that this is not admissible and justifies this as being in the interest of the shareholders or in order to guarantee equal treatment of the shareholders. When calculating the liquidation price, provisions will be built to cover the costs likely to be caused by the liquida-tion and which are to be charged to the assets of the Sub-Fund to be liquidated. Liquidation proceeds which it was not possible to distribute upon completion of the liquida-tion of the relevant Sub-Fund or the relevant Share Class will be deposited with the Caisse de Consignation in Lux-embourg in favor of the beneficiaries in accordance with the applicable laws and regulations after liquidation is completed.

2. The merger of Sub-Funds of the Fund, the merger of Sub-Funds of the Fund with Sub-Funds of other UCITS and the merger of the Fund are subject to the rules in this re-gard contained in the 2010 Law and to any implementing regulation. Accordingly, the Board of Directors shall de-cide on any merger of Sub-Funds of the Fund or of Sub-Funds of the Fund with sub-funds of other UCITS, unless the Board of Directors resolves to submit the decision on merging to a meeting of shareholders in the Sub-Fund or Sub-Funds affected. No quorum rule shall apply to this meeting and decisions shall be passed by simple majority of votes cast. If the Fund is dissolved as a result of the merging of Sub-Funds, the meeting of shareholders must approve such a merger, whereby the same quorum and majority rules shall apply as to an amendment of the Arti-cles of Association.

3. The Board of Directors may decide to divide a Sub-Fund into two or more Sub-Funds if it ascertains that this is in the interests of the shareholders of the Sub-Fund in ques-tion or in particular if such a division appears expedient due to a change in the economic or political situation. The decision will be published or announced to shareholders by registered mail. The announcement will also contain additional information about the new Sub-Funds. The an-nouncement will be published at least one month before the date on which the restructuring takes effect and share-holders will have the right to request that their shares be redeemed, free of charge, before the restructuring enters into force.

4. If a merger or division of the Sub-Funds, as described above, results in holders being allocated fractions of shares and if the relevant shares are admitted for settle-ment in a clearing system which however is not permitted to authorize the clearance or liquidation of fractions of shares, the Board of Directors may redeem the relevant fraction. The net asset value of the redeemed portion will be distributed to the relevant shareholders unless such amount is less than CHF 35. This also applies if the Board of Directors has decided not to invest any fractions of shares in the Sub-Fund concerned.

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5. The Board of Directors may invest and manage all or any part of the assets of two or more Sub-Funds (hereafter re-ferred to as 'Participating Sub-Fund’s) on a pooled basis. Any such enlarged asset pool (an "Enlarged Asset Pool") shall first be formed by transferring to it cash or (subject to the limitations mentioned below) other assets from each of the Participating Sub-Funds. The Board of Directors may make subsequent further transfers to the Enlarged Asset Pool at any time. The Board of Directors may also transfer assets from the Enlarged Asset Pool to a Partici-pating Sub-Fund, up to the amount of the participation of the Participating Sub-Fund concerned. Assets other than cash may be transferred to an Enlarged Asset Pool only if they are suitable for the investment sector of the Enlarged Asset Pool concerned. The assets of the Enlarged Asset Pool to which each Participating Sub-Fund shall be enti-tled on a proportionate basis shall be determined in ac-cordance with the allocations and withdrawals of assets by the Participating Sub-Fund and the allocations and withdrawals made on behalf of the other Participating Sub-Funds.

Dividends, interest payments and other distributions con-sidered as income received in respect of the assets in an Enlarged Asset Pool will be credited to the Participating Sub-Funds, in proportion to their respective entitlements to the assets in the Enlarged Asset Pool at the time the relevant payment is received.

22.6 Dissolution of the Fund

If the capital of the Fund falls below 2/3 of the minimum capi-tal, the Board of Directors must submit the question of dis-solving the Fund to a general meeting of shareholders; no quorum shall be prescribed for such a meeting and the ques-tion shall be decided by a simple majority of the shares repre-sented at the meeting. If the capital of the Fund falls below 1/4 of the minimum capital, the Board of Directors must sub-mit the question of dissolution to a general meeting of share-holders; no quorum shall be prescribed for such a meeting, and the dissolution may be resolved by shareholders holding 1/4 of the shares represented at the meeting. The minimum share capital is currently the equivalent of EUR 1,250,000.

Liquidation of the Fund will be carried out in accordance with the provisions of Luxembourg law and the Articles of Associa-tion of the Fund. The liquidation proceeds for each Share Class will be distributed to the holders of shares in the rele-vant class in proportion to the number of shares held in this class. Amounts which have not been claimed by shareholders at the close of the liquidation will be deposited in escrow with the Caisse de Consignation. Should these amounts not be claimed within the prescribed period, the claims will lapse in accordance with the provisions of Luxembourg law.

22.7 Contracts of fundamental importance

I. The following agreements have been concluded by the Fund:

an agreement between the Fund and RBC Investor Ser-vices Bank S.A. under the terms of which the latter was appointed Depositary and Listing Agent for the assets of the Fund;

an agreement between the Fund and Vontobel Manage-ment S.A. under the terms of which Vontobel Manage-ment S.A. was appointed management company of the Fund.

II. The following agreements have been concluded by the Fund and/or the Management Company:

an agreement between Vontobel Asset Management S.A. and TwentyFour Asset Management LLP, under the terms of which TwentyFour Asset Management LLP was ap-pointed to manage the Sub-Funds Vontobel Fund – TwentyFour Absolute Return Credit Fund, Vontobel Fund – TwentyFour Strategic Income Fund Vontobel Fund – TwentyFour Monument European Asset Backed Securi-ties and Vontobel Fund – TwentyFour Sustainable Short Term Bond Income;

an agreement between Vontobel Asset Management S.A. and Euronova Asset Management UK LLP, under the terms of which Euronova Asset Management UK LLP was appointed to manage the Sub-Fund Vontobel Fund – Sus-tainable European Mid and Small Cap Equity;

an agreement between Vontobel Management S.A., the Fund and RBC Investor Services Bank S.A., under the terms of which the latter was appointed Administrator of the Fund;

an agreement between the Management Company and Vontobel Asset Management AG, under the terms of which the latter was made Investment Manager for all Sub-Funds with the exception of the Sub-Funds currently managed by TwentyFour Asset Management LLP, Euro-nova Asset Management UK LLP or by Vontobel Asset Management Inc;

an agreement between the Management Company, acting through its Munich Branch, and Vontobel Asset Manage-ment AG, under the terms of which the latter was made Sub-Investment Manager for the Sub-Fund Vontobel Fund – Vescore Artificial Intelligence Multi Asset and Vescore Global Equity Multi Factor.

The agreements under I. and II. which were concluded by Vontobel Management S.A. were transferred to Vontobel As-set Management S.A. with effect from 1 April 2015 through universal succession as a result of the merger of Vontobel Management S.A. with Vontobel Asset Management S.A.

III. The following agreement has been concluded by the Fund and the Management Company:

an agreement between the Fund, Vontobel Asset Man-agement S.A. and Vontobel Asset Management Inc., un-der the terms of which the latter was appointed as Invest-ment Manager for the Sub-Funds Vontobel Fund – European Equity, Vontobel Fund – US Equity, Vontobel Fund – Global Equity, Vontobel Fund – Global Equity In-come, Vontobel Fund – Global Equity X, Vontobel Fund – Emerging Markets Equity and Vontobel Fund – Asia Pa-cific Equity.

22.8 Performance

The performance of the Sub-Funds concerned can be found in the relevant KIID as well as in the periodic reports pro-duced for the Fund.

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22.9 Inspection of documents

Copies of the Articles of Association of the Fund, the latest annual and semi-annual reports of the Fund and of each Sub-Fund and of the material contracts referred to above are avail-able for inspection at the registered office of the Fund in Lux-embourg. Copies of the Articles of Association and of the lat-est reports may be obtained there free of charge.

22.10 Country-specific appendices

Additional information for investors resident outside Luxem-bourg can be appended.

22.11 EU Benchmark Regulation

Regulation (EU) 2016/1011 (also known as the “EU Bench-mark Regulation”) requires the Management Company to pro-duce and maintain robust written plans setting out the actions that it would take in the event that a benchmark (as defined by the EU Benchmark Regulations) materially changes or ceases to be provided. The Management Company shall comply with this obligation. Further information on the plan is available on request at the registered office of the Manage-ment Company.

ICE Benchmark Administration Limited is the administrator of the benchmarks used by the following Sub-Funds:

– Vontobel Fund – Absolute Return Bond Dynamic

– Vontobel Fund – Absolute Return Bond (EUR)

– Vontobel Fund – Credit Opportunities

– Vontobel Fund – Value Bond

and is entered as such in the ESMA register of benchmark administrators.

MSCI Limited is the administrator of the benchmarks used by the following Sub-Funds:

– Vontobel Fund – Emerging Markets Equity and

– Vontobel Fund – mtx Sustainable Emerging Markets Leaders

and is entered as such in the ESMA register of benchmark administrators.

Bloomberg Index Services Limited is the administrator of the benchmarks used by the following Sub-Funds:

– Vontobel Fund – Bond Global Aggregate

– Vontobel Fund – Commodity

– Vontobel Fund – Dynamic Commodity

– Vontobel Fund – Non-Food Commodity

and is entered as such in the ESMA register of benchmark administrators.

J.P. Morgan Securities PLC is the administrator of the bench-marks used by the following Sub-Funds:

– Vontobel Fund – Emerging Markets Debt

– Vontobel Fund – Sustainable Emerging Markets Debt

– Vontobel Fund – Emerging Markets Corporate Bond

– Vontobel Fund – Asian Bond

and is entered as such in the ESMA register of benchmark administrators. ICE Data Indices LLC is the administrator of the benchmarks used by the following Sub-Fund:

– Vontobel Fund – Global High Yield Bond

and is entered as such in the ESMA register of benchmark administrators.

Information as to whether the benchmark for the following Sub-Fund is provided by an administrator included in the ESMA register of benchmark administrators or is otherwise in-cluded on such register will be provided from the first occa-sion this Prospectus is updated following the inclusion of the administrator in the register:

– Vontobel Fund – Swiss Mid and Small Cap Equity

Benchmarks from the United Kingdom (“third-country bench-marks”) were included in the ESMA register before the end of the BREXIT transition period on the basis of recognition or endorsement status granted by the UK; these third-country benchmarks were cancelled from the ESMA register on 31 December 2020. The BMR transition period until 31 Decem-ber 2021 is also applicable to these third-country benchmarks endorsed or recognized in the UK. Therefore, during the BMR transition period this cancellation from the ESMA register would not have any effect on the ability of EU27 supervised entities to use those third-country benchmarks that were en-dorsed or recognized in the UK before the end of the BREXIT transition period. In the absence of an equivalence decision by the European Commission, these third-country bench-marks previously endorsed or recognized in the UK will have until the end of the BMR transition period of 31 December 2021 to reapply for recognition or endorsement in the EU in order to be included in the ESMA register.

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1 Vontobel Fund – Swiss Money 1 Reference currency CHF

2 Investment objective and policy Vontobel Fund – Swiss Money (the Sub-Fund) aims to achieve good investment returns in CHF.

The Sub-Fund's assets shall, in accordance with the principle of risk diversification, be invested mainly in debt instruments such as bonds, notes and similar fixed-income and variable-rate transferable securities including asset-backed or mort-gage backed securities (“ABS/MBS”) denominated in CHF and issued worldwide by public and/or private borrowers, etc., and short-term debt including debt and money market instru-ments with similar characteristics to transferable securities.

The residual maturities (=anticipated maturity) of the fixed-in-terest securities and the fixed interest period of the variable-interest securities shall not exceed three years.

The average maturity of the Sub-Fund's assets shall not ex-ceed 12 months (actual, legal maturity). With variable-interest securities, the period until the next interest-rate change is ap-plied for calculating the average maturity.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund’s investment in ABS/MBS may not exceed 5% of its net assets.

The Sub-Fund may also hold cash.

Currency or credit risk may be actively managed by increas-ing or decreasing currency or credit exposure through the use of derivative financial instruments. Furthermore, interest rate risk may be actively managed by increasing or decreasing in-terest rate sensitivity (duration) through the use of derivative financial instruments denominated in CHF or other currencies.

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a short- to medium-term investment horizon, who wish to invest in a broadly diversified portfolio of short- and medium-term fixed and variable-interest securities and to achieve a reasonable investment and capital return, while being aware of the associated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

The attention of the investors is drawn to the fact that the structure of ABS/MBS and the pools backing them are often intransparent and the Sub-Fund may be exposed to greater credit and prepayment risks (extension or contraction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund.

Investments in bonds are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctuations.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG research and integrates finan-cially material Sustainability Risks into its investment deci-sion-making processes. While no asset is excluded from in-vestment due solely to Sustainability Risks the Investment Manager must conclude that any risk revealed, including Sus-tainability Risks, as part of the ESG research are adequately compensated by the assets expected return. More information on the sustainable investment policy, and on how the sustain-able investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0120694640 A CHF distributing Retail 0.010% - 24.10.2000 0.550% 0.150% noLU0120694996 B CHF accumulating Retail 0.010% - 24.10.2000 0.550% 0.150% noLU0278086623 I CHF accumulating Institutional 0.010% - 10.04.2014 0.275% 0.100% noLU1683480617 N CHF accumulating Retail 0.010% - 02.10.2017 0.400% 0.100% noLU0420001835 R CHF accumulating Retail 0.010% - 15.11.2013 0.550% 0.100% no

Special Part

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The Sustainability Risks that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed and its benchmark is the ICE BofA SARON Overnight Rate Index. The benchmark is used to compare the performance of the Sub-Fund.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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2 Vontobel Fund – Euro Short Term Bond

1 Reference currency EUR

2 Investment objective and policy Vontobel Fund – Euro Short Term Bond (the Sub-Fund) aims to achieve good investment returns in EUR.

The Sub-Fund's assets shall, in accordance with the principle of risk diversification, be invested mainly in debt instruments such as bonds, notes and similar fixed-income and variable-rate transferable securities, including asset-backed or mort-gage backed securities (“ABS/MBS”), denominated in EUR and issued worldwide by public and/or private borrowers, etc., and short-term debt including debt and money market instru-ments with similar characteristics to transferable securities. The residual maturities (=anticipated maturity) of the fixed-in-terest securities and the fixed interest period of the variable-interest securities shall not exceed four years.

The Sub-Fund’s investment in ABS/MBS may not exceed 5% of its net assets.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

Credit risk may be actively managed by increasing or de-creasing credit exposure through the use of derivative finan-cial instruments. Furthermore, interest rate risk may be ac-tively managed by increasing or decreasing interest rate sensitivity (duration) through the use of derivative financial in-struments denominated in EUR or other currencies. Such de-rivatives shall include, but not be limited to, forwards, futures, options, options on futures, swaps as well as credit deriva-tives such as credit default swaps.

The derivatives can also be used for hedging purposes.

3 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a Share Class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

4 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a short- to medium-term investment horizon, who wish to invest in a broadly diversified portfolio of short- and medium-term fixed and variable-interest securities and to achieve a reasonable investment and capital return, while being aware of the associated price fluctuations.

5 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please further refer to the details below for information on risks that investments in this Sub-Fund may entail:

– The structure of ABS/MBS and the pools backing them are often intransparent and the Sub-Fund may be ex-posed to greater credit and prepayment risks (extension or contraction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund.

– Investments in bonds and money market instruments are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctua-tions.

The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must con-clude that any risk revealed, including Sustainability Risks, as part of the ESG research are adequately com-pensated by the assets expected return. More infor-mation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU2061945882 HNG (hedged) CHF accumulating Retail 0.050% 50'000'000 28.10.2019 0.275% 0.070% noLU0120688915 A EUR distributing Retail 0.050% - 24.10.2000 0.550% 0.300% noLU1683489758 AN EUR distributing Retail 0.050% - 13.10.2017 0.400% 0.150% noLU0120689640 B EUR accumulating Retail 0.050% - 24.10.2000 0.550% 0.300% noLU0137009238 C EUR accumulating Retail 0.050% - 16.07.2007 1.050% 0.700% noLU0278091037 I EUR accumulating Institutional 0.010% - 07.01.2009 0.275% 0.150% noLU1683481854 N EUR accumulating Retail 0.050% - 02.10.2017 0.400% 0.150% noLU1650589689 NG EUR accumulating Retail 0.050% 50'000'000 04.08.2017 0.275% 0.070% noLU0420002130 R EUR accumulating Retail 0.050% - 15.11.2013 0.550% 0.250% noLU1502169581 S EUR accumulating Institutional 0.010% - 17.10.2016 0.000% 0.000% no

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6 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

7 Benchmark The Sub-Fund is actively managed. Its benchmark is the Bloomberg Barclays Euro Aggregate 1-3 Year and is used to compare the performance of the Sub-Fund.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

8 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am

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3 Vontobel Fund – US Dollar Money 1 Reference currency USD

2 Investment objective and policy Vontobel Fund – US Dollar Money (the Sub-Fund) aims to achieve good investment returns in USD.

The Sub-Fund's assets shall, in accordance with the principle of risk diversification, be invested mainly in debt instruments such as bonds, notes and similar fixed-income and variable-rate transferable securities denominated in USD, including as-set-backed or mortgage-backed securities (“ABS/MBS”) and issued worldwide by public and/or private borrowers, etc., and short-term debt including debt and money market instruments with similar characteristics to transferable securities.

The residual maturities (=anticipated maturity) of the fixed-in-terest securities and the fixed interest period of the variable-interest securities shall not exceed three years.

The average maturity of the Sub-Fund's assets shall not ex-ceed 12 months (actual, legal maturity). With variable-interest securities, the period until the next interest-rate change is ap-plied for calculating the average maturity.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund’s investment in ABS/MBS may not exceed 5% of its net assets.

The Sub-Fund may also hold cash.

Currency or credit risk may be actively managed by increas-ing or decreasing currency or credit exposure through the use of derivative financial instruments. Furthermore, interest rate risk may be actively managed by increasing or decreasing in-terest rate sensitivity (duration) through the use of derivative financial instruments denominated in USD or other curren-cies.

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a short- to medium-term investment horizon, who wish to invest in a broadly diversified portfolio of short- and medium-term fixed and variable-interest securities and to achieve a reasonable investment and capital return, while being aware of the associated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

The attention of the investors is drawn to the fact that the structure of ABS/MBS and the pools backing them are often intransparent and the Sub-Fund may be exposed to greater credit and prepayment risks (extension or contraction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund. Investments in bonds are subject to price fluctua-tions at all times. Investments in foreign currencies are also subject to currency fluctuations.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG research and integrates finan-cially material Sustainability Risks into its investment deci-sion-making processes. While no asset is excluded from in-vestment due solely to Sustainability Risks the Investment Manager must conclude that any risk revealed, including Sus-tainability Risks, as part of the ESG research are adequately compensated by the assets expected return. More information on the sustainable investment policy, and on how the sustain-able investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0120690143 A USD distributing Retail 0.010% - 24.10.2000 0.550% 0.300% noLU1683489162 AN USD distributing Retail 0.010% - 13.10.2017 0.400% 0.150% noLU0120690226 B USD accumulating Retail 0.010% - 24.10.2000 0.550% 0.300% noLU1051749858 I USD accumulating Institutional 0.010% - 10.04.2014 0.275% 0.150% noLU1683482316 N USD accumulating Retail 0.010% - 04.10.2017 0.400% 0.150% noLU0420002486 R USD accumulating Retail 0.010% - 15.11.2013 0.550% 0.250% no

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7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed and its benchmark is the ICE BofA SOFR Overnight Rate Index. The benchmark is used to compare the performance of the Sub-Fund.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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4 Vontobel Fund – Swiss Franc Bond 1 Reference currency CHF

2 Investment objective and policy Vontobel Fund – Swiss Franc Bond (the Sub-Fund) aims to achieve the best possible investment returns in Swiss francs.

While respecting the principle of risk diversification, the Sub-Fund's assets are primarily invested in various bonds and similar fixed and variable interest rate debt instruments de-nominated in CHF, including contingent convertible bonds (so-called “CoCo Bonds”), asset-backed or mortgage-backed securities (“ABS/MBS”), convertibles and warrant bonds is-sued by public and/or private borrowers, whereby a maximum of 25% of the Sub-Fund's assets may be invested in converti-bles and warrant bonds.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund’s investment in CoCo Bonds may not exceed 7% of its net assets.

The Sub-Fund’s investment in ABS/MBS may not exceed 5% of its net assets.

The Sub-Fund may also hold cash.

Currency or credit risk may be actively managed by increas-ing or decreasing currency or credit exposure through the use of derivative financial instruments. Furthermore, interest rate risk may be actively managed by increasing or decreasing in-terest rate sensitivity (duration) through the use of derivative financial instruments denominated in CHF or other currencies.

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile The Sub-Fund is aimed at private and institutional investors with a medium-term investment horizon, who wish to invest in a broadly diversified portfolio of medium- and long-term fixed and variable interest securities and to achieve a reasonable investment and capital return, while being aware of the asso-ciated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– The attention of the investors is drawn to the fact that the structure of ABS/MBS and the pools backing them are often intransparent and the Sub-Fund may be exposed to greater credit and prepayment risks (extension or con-traction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund.

– Contingent convertible bonds (so-called CoCo Bonds) are fixed-income securities with embedded options that financially benefit the issuer, by which a fixed-income se-curity is converted into an equity when certain pre-deter-mined conditions are met. Investments in contingent con-vertible bonds may be adversely impacted depending on the occurrence of specific security features or triggers, linked to regulatory capital minimums, and where the is-suer’s regulatory authorities express doubts regarding the creditworthiness of the issuer. In such adverse sce-narios, the value of such securities could be written down temporarily or permanently and/or coupons cancelled or deferred in order to help the issuer to absorb losses (loss absorption risk). The value of CoCo Bonds could also be unpredictable in the event of such securities being con-verted into equities at a discounted share price as per pre-determined rules specific to each issue and dis-closed in the issuer’s prospectus (conversion risk). If the securities are converted into equity following a conver-sion event, holders would become more subordinated as they become the holder of an equity investment versus holding a debt investment. Further risks of investing in

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0035736726 A CHF distributing Retail 0.050% - 25.10.1991 0.850% 0.650% noLU1331778172 AI CHF distributing Institutional 0.010% - 18.12.2015 0.450% 0.200% noLU1683487463 AN CHF distributing Retail 0.050% - 12.10.2017 0.650% 0.325% noLU1374300454 AQG CHF distributing Institutional 0.010% 50'000'000 15.03.2016 0.425% 0.200% noLU0035738771 B CHF accumulating Retail 0.050% - 25.10.1991 0.850% 0.650% noLU0137003116 C CHF accumulating Retail 0.050% - 16.07.2007 1.350% 1.050% noLU1206762293 G CHF accumulating Institutional 0.010% 50'000'000 10.04.2015 0.425% 0.200% noLU0278084768 I CHF accumulating Institutional 0.010% - 12.06.2008 0.425% 0.200% noLU1683481425 N CHF accumulating Retail 0.050% - 02.10.2017 0.650% 0.325% noLU0996452701 R CHF accumulating Retail 0.050% - 22.11.2013 0.850% 0.200% no

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CoCo Bonds are capital structure inversion risk, call ex-tension risk and liquidity risk.

– The investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– Liquidity risk refers to the inability of a Sub-Fund to sell a security or liquidate a position at its fair value. A common consequence of reduced liquidity of a security resp. of a position is an additional discount on the selling resp. liq-uidation price leading to a wider bid-ask spread as com-pared to the bid-ask spread charged by the brokers to similar securities which have, however, higher liquidity. In addition, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet redemption re-quests, or to meet liquidity needs in response to a spe-cific economic event in a timely manner.

– Investments in bonds are subject to price fluctuations at all times. Investments in foreign currencies are also sub-ject to currency fluctuations.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes.

While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must con-clude that any risk revealed, including Sustainability Risks, as part of the ESG research are adequately com-pensated by the assets expected return. More infor-mation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed and its benchmark is the SBI® Foreign Rating AAA Total Return. The benchmark is used to compare the performance of the Sub-Fund.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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5 Vontobel Fund – Green Bond 1 Reference currency EUR

2 Investment objective Vontobel Fund – Green Bond (the Sub-Fund) has a sustaina-ble investment objective which consists of investing in Green Bonds and aims to achieve attractive investment returns. The Sub-Fund is categorized under Article 9 SFDR.

3 Investment policy While respecting the principle of risk diversification, the Sub-Fund invests at least 75% of its net assets in various bonds and similar fixed and variable interest rate debt instruments classified as “Green Bonds” according to international stand-ards such as the Green Bond Principles of the International Capital Market Association (ICMA), including asset-backed and mortgage-backed securities (“ABS/MBS”), convertibles and warrant bonds issued by public and/or private borrowers.

The Sub-Fund puts particular effort into integrating sustain-ability criteria in the investment process by directing invest-ments decisions to sustainable investments such as Green Bonds meeting the Investment Manager’s requirements.

Green bonds are bond instruments where the proceeds will be applied to finance or refinance new and/or existing pro-jects that are beneficial to the goals of climate change mitiga-tion and protection of the environment (e.g. solar power, en-ergy efficiency of industrial processes or promoting public transport).

The Sub-Fund excludes companies that fail international norms like UN Global Compact Principles or derive a certain percentage of their revenues from weapons, tobacco or coal and exclude sovereigns that fail UN conventions.

Up to 25% of the Sub-Fund's net assets may be invested out-side the aforementioned Green Bond investment universe. The Sub-Fund invests as well in sustainability and/or social bonds based on standards of the Sustainability Bond Guide-lines or the Social Bond Principles of the International Capital Market Association (ICMA). Sustainability and Social Bonds are instruments where the proceeds will be applied to finance or refinance new and/or existing projects that are beneficial to promoting amongst other public health, access to education or social housing.

In addition the Sub-Fund may invest in debt instruments of is-suers that have sustainable investments as objectives such as energy efficiency, environmental protection, access to health care, through their products, services or technologies.

For corporate issuers material Sustainability Risks are meas-ured by controversies indicators including but not limited to: treatment of employees, energy efficiency measures, board structures, product safety and business ethics. Inadequately managed sustainability issues can have material impact on the financial flexibility of a company. ESG analysis is there-fore part of the Investment Manager’s fundamental risk analy-sis and serves as an indicator whether a company follows good governance and has a consistent overall risk manage-ment and handles controversies professionally.

The Sub-Fund uses the Bloomberg Barclays MSCI Green Bond Index (EUR hedged) (the “Benchmark”). The Bench-mark provides exposure to Green Bonds (which is the Sub-Fund’s main asset class) that adhere to high standards with regard to climate change mitigation and environmental protec-tion. The eligibility criteria are among others as following: stated use of proceeds, process for green project evaluation and selection, process for management of proceeds, commit-ment to ongoing reporting of the environmental performance of the use of the proceeds. The Benchmark is considered as aligned with the sustainable investment objective by the Sub-Fund. The methodology used for the calculation of the Bench-mark can be found on the web site of the index provider.

The Sub-Fund invests in direct holdings in order to meet the sustainable investment objective.

All investments qualifying as sustainable investments are screened against all significant harm indicators relevant to the economic sector. Environmental impact assessment have been completed were relevant. For Green Bonds these as-sessments are based on reports by accredited third party au-ditors. In addition, in-house ESG experts of the Investment Manager monitor the sustainable investments based on im-pact studies from third party experts or scientists to avoid ad-verse environmental impact (example: large hydro-power pro-jects). Compliance with the sustainable investment objectives is monitored at all times. Main methodological limits are de-scribed in section 7 “Risk factors”.

At least 90% of the securities in the Sub-Fund have the sus-tainability selection criteria, as described above, applied to it.

The Sub-Fund may invest up to 25% of its net assets in con-vertible and warrant bond investments.

The Sub-Fund’s investment in ABS/MBS may not exceed 10% of its net assets.

The Sub-Fund may also hold cash.

Currency or credit risk may be actively managed by increas-ing or decreasing currency or credit exposure through the use of derivative financial instruments. Furthermore, interest rate risk may be actively managed by increasing or decreasing in-terest rate sensitivity (duration) through the use of derivative financial instruments denominated in EUR or other curren-cies.

4 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments.

5 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3%

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of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

6 Typical investor profile The Sub-Fund is aimed at private and institutional investors with a medium-term investment horizon, who wish to invest in a broadly diversified portfolio of medium- and long-term fixed and variable interest securities and to achieve a reasonable investment and capital return, while being aware of the asso-ciated price fluctuations.

7 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

The attention of the investors is drawn to the fact that the structure of ABS/MBS and the pools backing them are often intransparent and the Sub-Fund may be exposed to greater credit and prepayment risks (extension or contraction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund.

Investments in bonds are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctuations.

The Sub-Fund’s investments may be subject to Sustainability Risks. For corporates material Sustainability Risks include but are not limited to: treatment of employees, energy efficiency measures, board structures, product safety and business eth-ics. For sovereigns material Sustainability Risks include but are not limited to: human caused natural disasters (e.g. wild-fires), abuse of civil liberties, rigged presidential elections. The Sustainability Risks that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

Main methodological limits In assessing the eligibility of an issuer based on ESG re-search, there is a dependence upon information and data from third party ESG research data providers and internal analyses which may be based on certain assumptions or hy-pothesis that render it incomplete or inaccurate. As a result, there is a risk of inaccurately assessing a security or issuer.

8 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

9 Benchmark The Sub-Fund is actively managed. Its Benchmark is the Bloomberg Barclays MSCI Green Bond Index (EUR hedged) and is also used to compare the performance of the Sub-Fund. For the purpose of performance comparison for hedged share classes, a hedged variant of the benchmark in the rele-vant share class currency may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the Benchmark.

10 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0035744233 A EUR distributing Retail 0.050% - 25.10.1991 0.850% 0.850% noLU1683489246 AN EUR distributing Retail 0.050% - 13.10.2017 0.650% 0.325% noLU0035744829 B EUR accumulating Retail 0.050% - 25.10.1991 0.850% 0.850% noLU1651443258 C EUR accumulating Retail 0.050% - 11.08.2017 1.350% 1.250% noLU0278087357 I EUR accumulating Institutional 0.010% - 03.05.2007 0.425% 0.325% noLU1683481698 N EUR accumulating Retail 0.050% - 02.10.2017 0.650% 0.325% noLU0996452024 R EUR accumulating Retail 0.050% - 22.11.2013 0.850% 0.250% noLU1502168930 S EUR accumulating Institutional 0.010% - 17.10.2016 0.000% 0.000% noLU0571063014 AM USD distributing Retail 0.050% - 01.02.2011 1.350% 1.250% no

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6 Vontobel Fund – EURO Corporate Bond

1 The Reference currency EUR

2 Investment objective and policy Vontobel Fund – EURO Corporate Bond (the Sub-Fund) aims to achieve the best possible investment returns in EURO through investing in the lower part of the Euro investment grade corporate debt universe.

While respecting the principle of risk diversification, the Sub-Fund's assets are primarily invested in various bonds denomi-nated in EURO and similar fixed or variable rate debt instru-ments, including contingent convertible bonds (so-called “CoCo Bonds”), asset-backed securities or mortgage-backed securities (“ABS/MBS”), convertible bonds and warrant bonds issued by public and/or private borrowers with a lower invest-ment grade rating. A lower investment grade rating shall be understood to mean the investment segment with a Standard & Poor's rating of between A+ and BBB- or an equivalent rat-ing from another rating agency.

Up to 33% of the Sub-Fund's net assets may be invested out-side the aforementioned investment universe, including fixed-interest and floating-rate securities with issuer ratings below Standard & Poor's BBB- (or an equivalent rating from another rating agency), equities. Equity investments are only allowed on a passive basis as a result of a conversion event for con-tingent convertible bonds.

Bond investments below BBB- shall be limited in aggregate. Additionally such investments are to be restricted to securities rated from BB+ to BB- at the time of investment. In case in-vestments suffer downgrades below that BB- limit, existing in-vestments can be kept on a passive basis only, to avoid forced selling situations and preserve capital values.

The Sub-Fund’s investment in CoCo Bonds may not exceed 10% of its net assets.

The Sub-Fund’s investment in ABS/MBS may not exceed 10% of its net assets.

The Sub-Fund may also hold cash and invest in money mar-ket instruments up to 33% of its net assets.

Investments in lower investment grade ratings and in ratings below BBB- may have an above-average yield compared with investments in first-class borrowers, but they also entail a greater credit risk.

Currency or credit risk may be actively managed by increas-ing or decreasing currency or credit exposure through the use of derivative financial instruments. Furthermore, interest rate risk may be actively managed by increasing or decreasing in-terest rate sensitivity (duration) through the use of derivative financial instruments denominated in EUR or other curren-cies.

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile The Sub-Fund is aimed at private and institutional investors with a medium- to long-term investment horizon, who wish to invest in a broadly diversified portfolio of medium- and long-term fixed and variable interest securities and to achieve a

reasonable investment and capital return, while being aware of the associated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0863290267 H (hedged) CHF accumulating Retail 0.050% - 16.01.2013 1.100% 1.100% noLU1047498362 HI (hedged) CHF accumulating Institutional 0.010% - 31.03.2014 0.550% 0.550% noLU1767066514 HN (hedged) CHF accumulating Retail 0.050% - 09.02.2018 0.825% 0.550% noLU2054206656 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.100% 0.250% noLU0153585566 A EUR distributing Retail 0.050% - 27.09.2002 1.100% 1.100% noLU1258889689 AI EUR distributing Institutional 0.010% - 14.07.2015 0.550% 0.550% noLU1683480963 AN EUR distributing Retail 0.050% - 03.10.2017 0.825% 0.550% noLU1594302512 AQG EUR distributing Institutional 0.010% 50'000'000 20.04.2017 0.550% 0.400% noLU0153585723 B EUR accumulating Retail 0.050% - 27.09.2002 1.100% 1.100% noLU0153585996 C EUR accumulating Retail 0.050% - 16.07.2007 1.600% 1.500% noLU1525532344 G EUR accumulating Institutional 0.010% 50'000'000 25.11.2016 0.550% 0.400% noLU0278087860 I EUR accumulating Institutional 0.010% - 13.07.2007 0.550% 0.550% noLU1612361102 N EUR accumulating Retail 0.050% - 30.05.2017 0.825% 0.550% noLU0420003617 R EUR accumulating Retail 0.050% - 16.09.2010 1.100% 0.250% noLU1502169235 S EUR accumulating Institutional 0.010% - 17.10.2016 0.000% 0.000% noLU2132481388 Y EUR accumulating Institutional 0.010% 500'000'000 25.03.2020 0.550% 0.370% noLU1092317624 HN (hedged) GBP accumulating Retail 0.050% - 06.10.2014 0.550% 0.550% noLU1054314221 HI (hedged) USD accumulating Institutional 0.010% - 10.04.2014 0.550% 0.550% no

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Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Investments in high-yield bonds are more risky and gen-erally considered to constitute more speculative invest-ments. These bonds comprise a higher credit risk, higher price fluctuations, a higher risk of loss of capital deployed and of ongoing earnings than bonds with a higher credit rating. The high-yield bonds are generally more sensitive to the changes in the macroeconomic conditions. The spread to government bonds tends to widen during the economic slowdown and recession and to tighten during the economic upswing. Higher coupon payable to the high-yield bondholders is considered a compensation for a higher degree of risk taken by the investors.

– Investments may be made in countries where the local stock exchanges may not yet qualify as recognized stock exchanges within the meaning of the investment re-strictions set out in this Sales Prospectus.

– Accordingly, pursuant to the investment and borrowing restrictions defined in section 9 of the General Part, in-vestments in securities listed on stock exchanges which do not qualify as recognized exchanges or markets and other non-listed investments may not exceed 10% of the net assets of each of these Sub-Funds.

– The attention of the investors is drawn to the fact that the structure of ABS/MBS and the pools backing them are often intransparent and the Sub-Fund may be exposed to greater credit and prepayment risks (extension or con-traction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund.

– Contingent convertible bonds (so-called CoCo Bonds) are fixed-income securities with embedded options that financially benefit the issuer, by which a fixed-income se-curity is converted into an equity when certain pre-deter-mined conditions are met. Investments in contingent con-vertible bonds may be adversely impacted depending on the occurrence of specific security features or triggers, linked to regulatory capital minimums, and where the is-suer’s regulatory authorities express doubts regarding the creditworthiness of the issuer. In such adverse sce-narios, the value of such securities could be written down temporarily or permanently and/or coupons cancelled or deferred in order to help the issuer to absorb losses (loss absorption risk). The value of CoCo Bonds could also be unpredictable in the event of such securities being con-verted into equities at a discounted share price as per pre-determined rules specific to each issue and dis-closed in the issuer’s prospectus (conversion risk). If the securities are converted into equity following a conver-sion event, holders would become more subordinated as they become the holder of an equity investment versus holding a debt investment. Further risks of investing in CoCo Bonds are capital structure inversion risk, call ex-tension risk and liquidity risk.

– The investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds. In case of doubts,

the investors are advised to consult their own financial, legal and/or tax consultant.

– Liquidity risk refers to the inability of a Sub-Fund to sell a security or liquidate a position at its fair value. A common consequence of reduced liquidity of a security resp. of a position is an additional discount on the selling resp. liq-uidation price leading to a wider bid-ask spread as com-pared to the bid-ask spread charged by the brokers to similar securities which have, however, higher liquidity. In addition, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet redemption re-quests, or to meet liquidity needs in response to a spe-cific economic event in a timely manner.

– Investments in bonds are subject to price fluctuations at all times. Investments in foreign currencies are also sub-ject to currency fluctuations.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must con-clude that any risk revealed, including Sustainability Risks, as part of the ESG research are adequately com-pensated by the assets expected return. More infor-mation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the ICE BofAML A-BBB Euro Corporate Index and is used to compare the performance of the Sub-Fund. For the purpose of perfor-mance comparison for hedged share classes, a hedged vari-ant of the benchmark in the relevant share class currency may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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7 Vontobel Fund – Global High Yield Bond

1 The Reference currency EUR

2 Investment objective and policy Vontobel Fund – Global High Yield Bond (the Sub-Fund) aims to achieve the best possible investment returns by investing primarily in global high-yield corporate bonds.

While respecting the principle of risk diversification, the Sub-Fund's assets are primarily invested in various bonds and other fixed or variable rate debt instruments denominated in freely convertible currencies including contingent convertible bonds (so-called “CoCo Bonds”), asset-backed securities or mortgage-backed securities (“ABS/MBS”), convertibles and warrant bonds, issued by public and/or private borrowers worldwide, which have a Standard & Poor's rating of between BB+ and CCC- or an equivalent rating from another rating agency.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe, including fixed-inter-est or floating-rate securities with ratings above Standard & Poor's BB+ or below CCC- (or an equivalent rating from an-other rating agency) and equities.

Investments in bonds with a rating below CCC- may not ex-ceed 10% of the Sub-Fund's assets.

The Sub-Fund’s investment in CoCo Bonds may not exceed 10% of its net assets.

The Sub-Fund’s investment in ABS/MBS may not exceed 10% of its net assets.

The Sub-Fund may also hold cash and invest in money mar-ket instruments up to 33% of its net assets.

Currency or credit risk may be actively managed by increas-ing or decreasing currency or credit exposure through the use of derivative financial instruments. Furthermore, interest rate

risk may be actively managed by increasing or decreasing in-terest rate sensitivity (duration) through the use of derivative financial instruments.

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The Share Classes of the Sub-Fund may also be charged a Performance Fee. The fee shall be calculated pursuant to section 20 "Fees and expenses" of the General Part with the following stipulations:

Performance Fee No more than 10% of outperformance Calculation

HWM Principle and Hurdle Rate Princi-ple (cumulatively)

High Water Mark HWM with 5-year reset on a rolling ba-sis

Hurdle Rate Customized ICE BofAML High Yield In-dex (EUR hedged)

Crystallization fre-quency/date Financial year (31 August)

Performance Reference Pe-riod 5 years

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile The Sub-Fund is aimed at private and institutional investors with a medium- to long-term investment horizon, who wish to

invest in a broadly diversified portfolio of medium- and long-term fixed and variable interest securities and to achieve a

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1374300298 AMH (hedged) AUD distributing Retail 0.050% - 01.04.2016 1.600% 1.500% yesLU0571067437 H (hedged) CHF accumulating Retail 0.050% - 11.06.2012 1.100% 1.100% yesLU0571067866 HI (hedged) CHF accumulating Institutional 0.010% - 15.10.2013 0.550% 0.550% yesLU1683481185 HN (hedged) CHF accumulating Retail 0.050% - 03.10.2017 0.825% 0.550% yesLU2054207118 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.100% 0.250% yesLU1275269402 AI EUR distributing Institutional 0.010% - 27.08.2015 0.550% 0.550% yesLU0756125596 AS EUR distributing Retail 0.050% - 11.06.2012 1.600% 1.500% yesLU0571066462 B EUR accumulating Retail 0.050% - 11.06.2012 1.100% 1.100% yesLU1482063689 C EUR accumulating Retail 0.050% - 08.09.2016 1.600% 1.500% yesLU0571066975 I EUR accumulating Institutional 0.010% - 11.06.2012 0.550% 0.550% yesLU1683481342 N EUR accumulating Retail 0.050% - 02.10.2017 0.825% 0.550% yesLU0571088516 R EUR accumulating Retail 0.050% - 15.11.2013 1.100% 0.250% yesLU1502169318 S EUR accumulating Institutional 0.010% - 17.10.2016 0.000% 0.000% noLU1061952005 AMH (hedged) USD distributing Retail 0.050% - 05.06.2014 1.600% 1.500% yesLU1683488354 AMHN (hedged) USD distributing Retail 0.050% - 12.10.2017 0.825% 0.550% yesLU0571067601 H (hedged) USD accumulating Retail 0.050% - 11.06.2012 1.100% 1.100% yesLU1061952187 HC (hedged) USD accumulating Retail 0.050% - 05.06.2014 1.600% 1.500% yesLU0571068088 HI (hedged) USD accumulating Institutional 0.010% - 10.04.2014 0.550% 0.550% yesLU1683481268 HN (hedged) USD accumulating Retail 0.050% - 03.10.2017 0.825% 0.550% yesLU1374300371 AMH (hedged) ZAR distributing Retail 0.050% - 01.04.2016 1.600% 1.500% yes

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reasonable investment and capital return, while being aware of the associated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Investments in higher-interest and higher-risk bonds are generally considered to constitute more speculative in-vestments. These bonds comprise a higher credit risk, higher price fluctuations, a higher risk of loss of capital deployed and of ongoing earnings than bonds with a higher credit rating.

– Higher-yielding, higher-risk bonds are often issued by small companies or those that already have significant levels of debt. Such companies regularly have more diffi-culty than larger or less heavily indebted companies in making interest and capital payments. Such companies are also more strongly affected by changing market con-ditions, such as a weaker economy or higher interest rates.

– Investments in higher-yielding, higher-risk bonds may also be less liquid than other investments, or the Sub-Fund may only be able to sell such investments at a dis-count to their actual value.

– The attention of the investors is drawn to the fact that the structure of ABS/MBS and the pools backing them are often intransparent and the Sub-Fund may be exposed to greater credit and prepayment risks (extension or con-traction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund.

– Contingent convertible bonds (so-called CoCo Bonds) are fixed-income securities with embedded options that financially benefit the issuer, by which a fixed-income se-curity is converted into an equity when certain pre-deter-mined conditions are met. Investments in contingent con-vertible bonds may be adversely impacted depending on the occurrence of specific security features or triggers, linked to regulatory capital minimums, and where the is-suer’s regulatory authorities express doubts regarding the creditworthiness of the issuer. In such adverse sce-narios, the value of such securities could be written down temporarily or permanently and/or coupons cancelled or deferred in order to help the issuer to absorb losses (loss absorption risk). The value of CoCo Bonds could also be unpredictable in the event of such securities being con-verted into equities at a discounted share price as per pre-determined rules specific to each issue and dis-closed in the issuer’s prospectus (conversion risk). If the securities are converted into equity following a conver-sion event, holders would become more subordinated as they become the holder of an equity investment versus holding a debt investment. Further risks of investing in CoCo Bonds are capital structure inversion risk, call ex-tension risk and liquidity risk.

– Distressed securities are the securities of issuers that are in financial distress or near bankruptcy, typically with a

Standard & Poor´s rating below CCC- (or an equivalent rating from another rating agency). Investments in dis-tressed securities are very speculative and carry a signif-icant risk of capital loss.

– The investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds and distressed se-curities. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– Liquidity risk refers to the inability of a Sub-Fund to sell a security or liquidate a position at its fair value. A common consequence of reduced liquidity of a security resp. of a position is an additional discount on the selling resp. liq-uidation price leading to a wider bid-ask spread as com-pared to the bid-ask spread charged by the brokers to similar securities which have, however, higher liquidity. In addition, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet redemption re-quests, or to meet liquidity needs in response to a spe-cific economic event in a timely manner.

– Investments in bonds are subject to price fluctuations at all times. Investments in foreign currencies are also sub-ject to currency fluctuations.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must con-clude that any risk revealed, including Sustainability Risks, as part of the ESG research are adequately com-pensated by the assets expected return. More infor-mation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the Cus-tomized ICE BofAML High Yield Index (EUR hedged) is also used to compare the performance of the Sub-Fund. For the purpose of performance comparison for hedged share clas-ses, a hedged variant of the benchmark in the relevant share class currency may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of

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the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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8 Vontobel Fund – Bond Global Aggregate

1 Reference currency EUR

2 Investment objective Vontobel Fund – Bond Global Aggregate (the "Sub-Fund") aims to outperform its benchmark (Bloomberg Barclays Global Aggregate Index (EUR Hedged) over a rolling three-year investment cycle, while achieving a positive absolute performance over the same cycle.

3 Investment policy While respecting the principle of risk diversification, the Sub-Fund's assets are mainly exposed to the fixed-income asset class by investing directly, or indirectly via derivative financial instruments, in fixed-income instruments such as notes, bonds and similar fixed-interest and floating-rate securities, including securities with embedded derivatives such as con-vertible bonds and contingent convertible bonds (so-called “CoCo” Bonds”), issued or guaranteed by national, supra-na-tional or corporate issuers.

The Sub-Fund further engages in active currency manage-ment and can build up exposure to various currencies as well as to currency volatility. The Sub-Fund also takes active ex-posure to volatility via derivatives.

Up to 40% of the Sub-Fund's net assets may be exposed to securities issued by issuers that are domiciled in, have their main business activity in or are mainly exposed to non-OECD countries.

The exposure of the Sub-Fund to high yield corporate securi-ties may not exceed 25% of its net assets.

In addition, the Sub-Fund may expose up to 20% of its assets to asset- and mortgage-backed securities (ABS/MBS). The exposure to ABS/MBS can be built up directly or indirectly via to-be-announced instruments (TBAs).

The Sub-Fund’s exposure to CoCo Bonds may not exceed 15% of its assets.

A maximum of 15% of the Sub-Fund's net assets may be ex-posed to convertible bonds and notes.

Exposure to distressed securities (i.e. securities that are typi-cally rated with a Standard & Poor’s rating below CCC- (or an equivalent rating from another rating agency)) may not ex-ceed 10% of the Sub-Fund’s net assets.

The exposure to the above asset classes may also be achieved indirectly via UCITS and/or other UCIs, including ex-change traded funds and undertakings for collective invest-ment managed by a company belonging to the Vontobel Group. The exposure achieved via eligible UCITS and/or other UCIs may amount to a maximum of 10% of the Sub-Fund's net assets.

The Sub-Fund may also hold cash.

Currency risk and credit risk are actively managed by increas-ing or decreasing currency and credit exposure through the use of derivative financial instruments. Additionally, interest

rate risk is actively managed by increasing or decreasing in-terest rate sensitivity (duration) through the use of derivative financial instruments.

For the purposes of achieving the investment objective or for hedging, in particular credit, currency and interest rate risks, the Sub-Fund may employ derivatives traded on exchange or over-the-counter. The derivative instruments include, but are not limited to, forwards, including forward volatility agree-ments, futures, swaps, including volatility swaps, credit deriv-atives, including credit default swaps, as well as options, in-cluding options on foreign currencies, in particular deliverable currencies, swaptions, options on the above derivative instru-ments and exotic options.

Investment Management Process The Investment Manager applies a flexible approach to global bond and currency management.

The Investment Manager aims to maximize the diversification effect of the Sub-Fund’s exposure to global rates, credit spreads and currencies through three dimensions: asset clas-ses, investment strategies and time horizons. A structured portfolio construction process aims to balance the allocation of risk across rates, credit and currencies, and to reduce the impact of potential variation around portfolio manager views.

The portfolio management team deploys a dynamic top-down macro approach to actively manage portfolios through eco-nomic cycles, drawing on internal subject matter expertise in corporate bonds, emerging market bonds and currencies.

Long term strategic market views of the Investment Manager are complemented with tactical investment decisions to seek to benefit from trading opportunities arising in volatility mar-kets and aim to dynamically adjust the Sub-Fund portfolio’s total risk exposure. The diversification of the Sub-Fund is en-hanced by deploying size-constrained directional and relative-value positions.

The intended outcome of the investment process is positive absolute returns together with positive relative returns (alpha) and low correlation with other asset classes.

Implementing the aforementioned strategy to achieve the in-vestment objective of the Sub-Fund requires the use of deriv-ative financial instruments that may result in a significantly higher leverage than strategies that do not use derivatives.

More details on leverage and on the techniques by means of which this leverage is built up are provided in the section “Risk classification” below.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

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The Share Classes of the Sub-Fund may also be charged a Performance Fee. The fee shall be calculated pursuant to section 20 "Fees and expenses" of the General Part with the following stipulations:

Performance Fee Max. 20% of outperformance

Calculation HWM Principle and Hurdle Rate Principle (cumulatively)

High Water Mark HWM with 5-year reset on a rolling ba-sis

Hurdle Rate Bloomberg Barclays Global Aggregate Index (EUR Hedged)

Crystallization frequency/ date Financial year (31 August)

Performance Reference Pe-riod 5 years

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile The Sub-Fund is eligible for consideration by investors with a medium-term investment horizon, who wish to invest in a broadly diversified portfolio of medium- and long-term fixed-in-come securities and who seek to achieve income and capital return. The investors must also be willing to accept invest-ment risks, in particular risks associated with investments in ABS/MBS, high yield corporate securities, CoCo Bonds, ac-tive currency management and extensive use of derivatives, as well as the ability to withstand volatility.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Leverage is any technique that magnifies exposure to an asset class or to an instrument. Where leverage is ap-plied, the gain is amplified but additionally in the event of losses, the losses are also multiplied compared to the losses if the portfolio were unleveraged. Leverage may lead to an increase in volatility of the net asset value of the Sub-Fund and increase the potential for capital losses compared to an unleveraged fund.

– Investments in higher-yielding and higher-risk bonds are generally considered to be more speculative invest-ments. These bonds typically comprise higher credit risk, higher price fluctuations, a higher risk of capital loss and

of ongoing earnings than bonds with a higher credit rat-ing.

– Higher-yielding, higher-risk bonds are often issued by smaller companies or those that already have significant levels of debt. Such companies may have more difficulty than larger or less heavily indebted companies in making interest and capital payments. Such companies may also be more strongly affected by changing market conditions, such as a weaker economy or higher interest rates.

– Investments in higher-yielding, higher-risk bonds may also be less liquid than other investments, or the Sub-Fund may only be able to sell such investments at a dis-count to their actual value.

– The structure of ABS/MBS and the pools backing them may not be fully transparent and the Sub-Fund may be exposed to greater credit and prepayment risks (exten-sion or contraction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund.

– Contingent convertible bonds (so-called CoCo Bonds) are fixed-income securities with embedded options that financially benefit the issuer, by which a fixed-income se-curity is converted into an equity when certain pre-deter-mined conditions are met. Investments in contingent con-vertible bonds may be adversely impacted depending on the occurrence of specific security features or triggers, linked to regulatory capital minimums, and where the is-suer’s regulatory authorities express doubts regarding the creditworthiness of the issuer. In such adverse sce-narios, the value of such securities could be written down

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1181655199 H (hedged) CHF accumulating Retail 0.050% - 13.02.2015 0.850% 0.800% yesLU2269201021 HI (hedged) CHF accumulating Institutional 0.010% - 17.12.2020 0.425% 0.400% yesLU1683482159 HN (hedged) CHF accumulating Retail 0.050% - 04.10.2017 0.650% 0.400% yesLU2054205922 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 0.850% 0.250% yesLU1112750762 A EUR distributing Retail 0.050% - 03.10.2014 0.850% 0.800% yesLU1428950999 AI EUR distributing Institutional 0.010% - 13.06.2016 0.425% 0.400% yesLU1683486226 AN EUR distributing Retail 0.050% - 11.10.2017 0.650% 0.400% yesLU1116636702 AS EUR distributing Retail 0.050% - 03.10.2014 1.350% 1.200% yesLU1112750929 B EUR accumulating Retail 0.050% - 03.10.2014 0.850% 0.800% yesLU1482063846 C EUR accumulating Retail 0.050% - 08.09.2016 1.350% 1.200% yesLU2001739452 F EUR accumulating Institutional 0.010% - 01.07.2019 1.425% 0.800% noLU1112751067 I EUR accumulating Institutional 0.010% - 03.10.2014 0.425% 0.400% yesLU1612360716 N EUR accumulating Retail 0.050% - 30.05.2017 0.650% 0.400% yesLU0420003963 R EUR accumulating Retail 0.050% - 17.09.2010 0.850% 0.250% yesLU1502169409 S EUR accumulating Institutional 0.010% - 17.10.2016 0.000% 0.000% noLU0035744662 AH (hedged) USD distributing Retail 0.050% - 25.10.1991 0.850% 0.800% yesLU1683486143 AHN (hedged) USD distributing Retail 0.050% - 11.10.2017 0.650% 0.400% yesLU1683478470 AQH1 (hedged) USD distributing Retail 0.050% - 29.09.2017 1.700% 1.400% yesLU1683478710 AQHC1 (hedged) USD distributing Retail 0.050% - 29.09.2017 1.650% 1.450% yesLU0035745552 H (hedged) USD accumulating Retail 0.050% - 25.10.1991 0.850% 0.800% yesLU1683478553 H1 (hedged) USD accumulating Retail 0.050% - 29.09.2017 1.550% 1.400% yesLU1683478637 HC1 (hedged) USD accumulating Retail 0.050% - 29.09.2017 1.650% 1.450% yesLU0278091383 HI (hedged) USD accumulating Institutional 0.010% - 25.10.1991 0.425% 0.400% yesLU1683482076 HN (hedged) USD accumulating Retail 0.050% - 04.10.2017 0.650% 0.400% yes

69/181 Vontobel

temporarily or permanently and/or coupons cancelled or deferred in order to help the issuer to absorb losses (loss absorption risk). The value of CoCo Bonds could also be unpredictable in the event of such securities being con-verted into equities at a discounted share price as per pre-determined rules specific to each issue and dis-closed in the issuer’s prospectus (conversion risk). If the securities are converted into equity following a conver-sion event, holders would become more subordinated as they become the holder of an equity investment versus holding a debt investment. Further risks of investing in CoCo Bonds are capital structure inversion risk, call ex-tension risk and liquidity risk.

– Distressed securities are the securities of issuers that are in financial distress or near bankruptcy, typically with a Standard & Poor´s rating below CCC- (or an equivalent rating from another rating agency). Investments in dis-tressed securities are very speculative and carry a signif-icant risk of capital loss.

– Investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds and distressed se-curities. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– Liquidity risk refers to the inability of a Sub-Fund to sell a security or liquidate a position at its fair value. A common consequence of reduced liquidity of a security or position is an additional discount on the price to sell or liquidate a position that may lead to a wider bid-ask spread as com-pared to the bid-ask spread for more liquid securities. In addition, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet redemption re-quests, or to meet liquidity needs in response to a spe-cific economic event in a timely manner. Liquidity risk may increase in the context of derivative transactions where positions may need to be liquidated to post addi-tional collateral to a counterparty e.g. to meet a margin call, following asset price movements. Such liquidity de-mands may arise regardless of whether a derivative is being used to increase exposure or to hedge risks.

– The investments in the emerging markets may be ad-versely affected by political developments, changes in lo-cal laws, taxes and exchange controls in those countries as well as by weaknesses in the settlement processes.

– Currency trading is highly speculative and is strongly de-pendent on the skills of the Investment Manager to cor-rectly forecast the evolution of various currencies. If such forecasts in respect of the relevant currency pair prove to be inaccurate, the Sub-Fund suffers a loss. Active cur-rency trading can therefore lead to substantial losses.

– Volatility trading is very speculative and is strongly de-pendent on the skills of the Investment Manager to fore-cast both future realized market volatility and option-im-plied volatility. If such forecasts prove to be inaccurate, the Sub-Fund suffers a loss. Active volatility trading can therefore lead to substantial losses.

– Investments in bonds are subject to price fluctuations at all times. Investments in foreign currencies are also sub-ject to currency fluctuations.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must con-clude that any risk revealed, including Sustainability Risks, as part of the ESG research are adequately com-pensated by the assets expected return. More infor-mation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the absolute value at risk method (absolute VaR).

The risk measure will not exceed 20% of the net assets of the Sub-Fund.

The leverage achieved for investment purposes in the Sub-Fund through the use of derivative financial instruments is cal-culated using the notional approach. The sum of notionals leverage achieved over the course of the year is expected to be around 700% or less of the net assets of the Sub-Fund. However, the actual sum of notionals leverage achieved on average may be above or below this value.

The Sub-Fund uses multi-leg option strategies and currency forwards. Whilst measurement of the actual economic risk from these strategies should be based on netting the constitu-ent positions, the sum of notionals leverage is the sum of the absolute notionals of the constituent derivatives contracts without netting. For example, a limited loss “put spread” op-tion strategy may consist of a long put option, that generates a profit when the reference underlier falls in value, combined with a short put option that generates a loss when the refer-ence underlier falls in value, in such a way as to only gener-ate a limited gain, at a fixed, upfront cost. Whilst the net lever-age of such a strategy is a fraction of the leverage due to either constituent put option, the sum of notionals leverage is arrived at by summing the absolute notional value of the short put and the absolute notional value of the long put, which could be many multiples of the net leverage. The difference between net leverage and the sum of notionals leverage reaches an extreme in the case of a pair of economically per-fectly offsetting option contracts (i.e. zero net notional, zero

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market risk and zero net leverage) which have a sum of no-tionals leverage equal to the sum of their respective absolute notionals.

In the same way that the economic neutralizing of an open option contract via an equal and opposite option contract re-sults in a sum of notionals leverage equal to twice the notional of each option contract, the industry standard procedure for closing out FX forward contracts and re-establishing the FX forward exposure to a new forward date results in a sum of notionals leverage equal to three times the notional of the original FX forward. The increase in sum of notionals leverage due to rolling forward or closing out positions can result in a significant variability of this metric over time.

Average leverage may further arise from so-called relative value trades. In these types of trades long positions in securi-ties or eligible derivatives are combined with short positions in eligible derivatives to achieve a net gain via relative price ap-preciation of the underlying long asset and relative price de-preciation of the underlying short position. Where such strate-gies are implemented through underlying instruments that normally exhibit a low level of volatility, such as fixed-income securities, larger notional position sizes may be entered into by the Investment Manager which, in turn, may result in higher levels of average leverage.

It should also be noted that the levels of the sum of notionals leverage might vary quite significantly over time depending on market environment, where the Investment Manager may de-cide to increase the Sub-Fund's use of derivatives either to hedge market risks or benefit from investment opportunities. Although this value must be stated, it does not permit any meaningful inference to be drawn as to the risk generated by the leverage.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the Bloomberg Barclays Global Aggregate Index (EUR Hedged) and is also used to compare the performance of the Sub-Fund. For the purpose of performance comparison for hedged share classes, a hedged variant of the benchmark in the rele-vant share class currency may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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9 Vontobel Fund – Eastern European Bond

1 Reference currency EUR

2 Investment objective and policy Vontobel Fund – Eastern European Bond (the Sub-Fund) aims to achieve the best possible investment returns in EUR.

While respecting the principle of risk diversification, the Sub-Fund's assets are invested mainly in debt instruments (bonds, notes and similar fixed and variable rate debt instruments in-cluding asset-backed or mortgage-backed securities (“ABS/MBS”) convertibles and warrant bonds, etc.) denomi-nated in Central and Eastern European currencies and/or is-sued by public and/or private borrowers based in Central and Eastern Europe, whereby a maximum of 25% of the Sub-Fund's assets may be invested in convertibles and warrant bonds.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund’s investment in ABS/MBS may not exceed 10% of its net assets.

The Sub-Fund may also hold cash.

Currency, credit and market risk may also be actively man-aged by increasing or decreasing currency, credit or market exposure through the use of derivative financial instruments. Furthermore, interest rate risk may be actively managed by increasing or decreasing interest rate sensitivity (duration) through the use of derivative financial instruments.

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% and the Re-demption Fee may amount up to 0.3%.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile The Sub-Fund is aimed at private and institutional investors with a medium- to long-term investment horizon, who wish to invest in a broadly diversified portfolio of medium- and long-term fixed and variable interest securities and to achieve a reasonable investment and capital return, while being aware of the associated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Investments may be made in countries where the local stock exchanges may not yet qualify as recognized stock exchanges within the meaning of the investment re-strictions set out in this Sales Prospectus;

– Accordingly, pursuant to the investment and borrowing restrictions defined in section 9 of the General Part, in-vestments in securities listed on stock exchanges which do not qualify as recognized exchanges or markets and other non-listed investments may not exceed 10% of the net assets of each of these Sub-Funds;

– This Sub-Fund's investments may be subject to a higher degree of risk. The stock markets and the economies of emerging markets are generally volatile. This Sub-Fund's investments in certain emerging markets may also be ad-versely affected by political developments and/or changes in local laws, taxes and exchange controls. Fi-nally, in some countries, it is difficult to clearly identify what conditions of ownership apply to certain companies as a result of ongoing privatization processes;

– The procedures for settling securities transactions are associated with higher risks in the emerging markets than in developed markets. These higher risks are partly due to the fact that the Sub-Fund must use brokers and counterparties which do not have a very high level of capitalization, and the safekeeping of assets may in some countries be unreliable, so that upon subscription or redemption, Fund shares may be worth less, or more, than at the time they were created;

– Investments in high-yield bonds are more risky and gen-erally considered to constitute more speculative invest-ments. These bonds comprise a higher credit risk, higher price fluctuations, a higher risk of loss of capital deployed and of ongoing earnings than bonds with a higher credit rating. The high-yield bonds are generally more sensitive to the changes in the macroeconomic conditions. The

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0080215030 A EUR distributing Retail 0.050% - 05.09.1997 1.100% 1.100% noLU0469618036 AM EUR distributing Retail 0.050% - 08.03.2010 1.600% 1.500% noLU1683489329 AN EUR distributing Retail 0.050% - 13.10.2017 0.825% 0.550% noLU0080215204 B EUR accumulating Retail 0.050% - 05.09.1997 1.100% 1.100% noLU0137004601 C EUR accumulating Retail 0.050% - 16.07.2007 1.600% 1.500% noLU0278087431 I EUR accumulating Institutional 0.010% - 13.07.2007 0.550% 0.550% noLU1683483801 N EUR accumulating Retail 0.050% - 05.10.2017 0.825% 0.550% noLU0420004268 R EUR accumulating Retail 0.050% - 16.09.2010 1.100% 0.250% noLU0571068591 AM USD distributing Retail 0.050% - 01.02.2011 1.600% 1.500% no

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spread to the higher rated securities tends to widen dur-ing the economic slowdown and recession and to tighten during the economic upswing. Higher coupon payable to the high-yield bond holders is considered a compensa-tion for a higher degree of risk taken by the investors.

– Liquidity risk refers to the inability of a Sub-Fund to sell a security or liquidate a position at its fair value. A common consequence of reduced liquidity of a security resp. of a position is an additional discount on the selling resp. liq-uidation price leading to a wider bid-ask spread as com-pared to the bid-ask spread charged by the brokers to similar securities which have, however, higher liquidity. In addition, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet redemption re-quests, or to meet liquidity needs in response to a spe-cific economic event in a timely manner.

– For Sub-Funds with alternative currency Share Classes, in extreme cases currency hedge transactions for a Share Class may have a negative impact on the net as-set value of the other Share Classes;

– As the capital markets of Central and Eastern European countries have only been recently established and be-cause banking, registration and telecommunications sys-tems are still underdeveloped, investments in Central and Eastern Europe are subject to certain risks relating to the clearing, settlement and registration of securities transactions usually not encountered when investing in Western countries;

– Those particular risks that are associated with Russia and countries of the former Soviet Union are described in greater detail below:

– The performance of investments in Russia and countries of the former Soviet Union can be more volatile and the investments may be more illiquid than in other European countries. In addition, government supervision in the in-vestment country of the Sub-Fund may be less efficient. The settlement, auditing and reporting methods used may not be of as high a standard as those found in more developed countries.

Moreover, investments in companies with a small market capitalization can be more volatile than in companies with a medium or large capitalization.

The countries of the former Soviet Union are Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine and Uzbeki-stan.

The Russian market and the markets of the former So-viet Union are not at present recognized as Regulated Markets. Investments in securities that are traded on the Russian RTS Stock Exchange, the Moscow Interbank Currency Exchange and other regulated Russian securi-ties markets are not affected by the restrictions noted in this paragraph.

– The attention of the investors is drawn to the fact that the structure of ABS/MBS and the pools backing them are often intransparent and the Sub-Fund may be exposed to

greater credit and prepayment risks (extension or con-traction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund.

– Investments in bonds are subject to price fluctuations at all times. Investments in foreign currencies are also sub-ject to currency fluctuations.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes. While no asset is excluded from investment due solely to Sustainability Risks the In-vestment Manager must con-clude that any risk revealed, including Sustainability Risks, as part of the ESG research are adequately com-pensated by the assets expected return. More infor-mation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

7 Risk classification The Sub-Fund will apply the relative value at risk method (rel-ative VaR) to determine the global risk entailed in its invest-ments.

The risk measure will not exceed twice the value of the Sub-Fund's benchmark portfolio. The J.P. Morgan GBI-EM Global Europe will be used as the benchmark portfolio.

The leverage achieved for investment purposes in the Sub-Fund through the use of derivative financial instruments is cal-culated using the notional approach. The average leverage achieved over the course of the year is expected to be around 100% or less of the net assets of the Sub-Fund. However, the actual leverage achieved on average may be above or below this value. Also, it is to be noted that the levels of leverage might vary quite significantly over time depending on market environment, where the Investment Manager may decide to increase the Sub-Fund's use of derivatives either to hedge market risks or benefit from investment opportunities. Alt-hough this value must be stated, it does not permit any mean-ingful inference to be drawn as to the risk generated by the leverage.

8 Benchmark The Sub-Fund is actively managed and its benchmark is the J.P. Morgan GBI-EM Global Europe. The benchmark is also used to compare the performance of the Sub-Fund.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition of the benchmark.

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9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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10 Vontobel Fund – Value Bond 1 Reference currency CHF

2 Investment objective and policy Vontobel Fund – Value Bond (the Sub-Fund) aims to achieve a positive absolute return in CHF in any market environment.

While respecting the principle of risk diversification, the Sub-Fund's assets are mainly invested in various bonds and simi-lar fixed and variable rate debt instruments, including contin-gent convertible bonds (so-called “CoCo Bonds”), convertible bonds and warrant bonds issued by various public and/or pri-vate borrowers, whereby a maximum of 25% of the Sub-Fund's assets may be invested in convertible and warrant bonds.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund’s investment in CoCo Bonds may not exceed 10% of its net assets.

The Sub-Fund may also hold cash.

Currency or credit risk is actively managed by increasing or decreasing currency or credit exposure through the use of de-rivative financial instruments. Furthermore, interest rate risk is actively managed by increasing or decreasing interest rate sensitivity (duration) through the use of derivative financial in-struments.

For the purposes of hedging, in particular credit, currency and interest rate risks as well as for the purpose of achieving the investment objective, the Sub-Fund may employ derivative fi-nancial instruments traded on exchange or over-the-counter. The derivative financial instruments shall include, but shall not

be limited to, forwards, futures, swaps, including interest rate swaps, credit derivatives, including credit default swaps, as well as options, including options on foreign currencies, in particular deliverable currencies, swaptions, options on the above derivative instruments and exotic options.

3 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The Share Classes of the Sub-Fund may also be charged a Performance Fee. The fee shall be calculated pursuant to section 20 "Fees and expenses" of the General Part with the following stipulations:

Performance Fee No more than 20% of outperformance

Calculation HWM Principle and Hurdle Rate Princi-ple (cumulatively)

High Water Mark HWM with 5-year reset on a rolling ba-sis

Hurdle Rate ICE BofA SARON Overnight Rate (Ticker: LSF0)+1%

Crystallization fre-quency/date Financial year (31 August)

Performance Reference Pe-riod 5 years

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

4 Typical investor profile The Sub-Fund is aimed at private and institutional investors with a medium-term investment horizon, who wish to invest in a broadly diversified portfolio of medium- and long-term fixed and variable interest securities and to achieve a reasonable investment and capital return, while being aware of the asso-ciated price fluctuations.

5 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Contingent convertible bonds (so-called CoCo Bonds) are fixed-income securities with embedded options that

financially benefit the issuer, by which a fixed-income se-curity is converted into an equity when certain pre-deter-mined conditions are met. Investments in contingent con-vertible bonds may be adversely impacted depending on the occurrence of specific security features or triggers, linked to regulatory capital minimums, and where the is-suer’s regulatory authorities express doubts regarding the creditworthiness of the issuer. In such adverse sce-narios, the value of such securities could be written down temporarily or permanently and/or coupons cancelled or deferred in order to help the issuer to absorb losses (loss absorption risk). The value of CoCo Bonds could also be unpredictable in the event of such securities being con-verted into equities at a discounted share price as per pre-determined rules specific to each issue and dis-closed in the issuer’s prospectus (conversion risk). If the securities are converted into equity following a conver-sion event, holders would become more subordinated as

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0218908985 A CHF distributing Retail 0.050% - 01.07.2005 0.850% 0.340% yesLU1683482746 AN CHF distributing Retail 0.050% - 05.10.2017 0.650% 0.220% yesLU0218909108 B CHF accumulating Retail 0.050% - 01.07.2005 0.850% 0.340% yesLU0278084842 I CHF accumulating Institutional 0.010% - 07.01.2009 0.425% 0.220% yesLU1683480377 N CHF accumulating Retail 0.050% - 02.10.2017 0.650% 0.220% yesLU0420004698 R CHF accumulating Retail 0.050% - 03.06.2009 0.850% 0.250% yesLU0571089084 S CHF accumulating Institutional 0.010% - 31.05.2011 0.000% 0.000% no

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they become the holder of an equity investment versus holding a debt investment. Further risks of investing in CoCo Bonds are capital structure inversion risk, call ex-tension risk and liquidity risk.

– The investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– Liquidity risk refers to the inability of a Sub-Fund to sell a security or liquidate a position at its fair value. A common consequence of reduced liquidity of a security resp. of a position is an additional discount on the selling resp. liq-uidation price leading to a wider bid-ask spread as com-pared to the bid-ask spread charged by the brokers to similar securities which have, however, higher liquidity. In addition, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet redemption re-quests, or to meet liquidity needs in response to a spe-cific economic event in a timely manner.

– Investments in bonds are subject to price fluctuations at all times. Investments in foreign currencies are also sub-ject to currency fluctuations.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes. While no asset is excluded from investment due solely to Sustainability Risks the In-vestment Manager must con-clude that any risk revealed, including Sustainability Risks, as part of the ESG research are adequately com-pensated by the assets expected return. More infor-mation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

6 Risk classification The Sub-Fund shall apply the absolute value at risk method (absolute VaR) to determine the global risk entailed in its in-vestments.

The global risk for the Sub-Fund is expected to be approxi-mately 8% of the Sub-Fund's net assets on average per year, but will not at any time exceed 20% of the Sub-Fund's net as-sets.

The leverage achieved for investment purposes in the Sub-Fund through the use of derivative financial instruments is cal-culated using the notional approach. The average leverage achieved over the course of the year is expected to be around 500% or less of the net assets of the Sub-Fund. However, the

actual leverage achieved on average may be above or below this value. Also, it is to be noted that the levels of leverage might vary quite significantly over time depending on market environment, where the Investment Manager may decide to increase the Sub-Fund's use of derivatives either to hedge market risks or benefit from investment opportunities. Alt-hough this value must be stated, it does not permit any mean-ingful inference to be drawn as to the risk generated by the leverage.

7 Benchmark The Sub-Fund is actively managed and is not managed with reference to a benchmark.

8 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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11 Vontobel Fund – Absolute Return Bond (EUR)

1 Reference currency EUR

2 Investment objective and policy Vontobel Fund – Absolute Return Bond (EUR) (the Sub-Fund) aims to achieve a positive absolute return in EUR in any mar-ket environment.

While respecting the principle of risk diversification, the Sub-Fund's assets are mainly exposed to the fixed-income asset class by investing directly, or indirectly via derivative financial instruments, in various bonds and similar fixed and variable rate debt instruments, including contingent convertible bonds (so-called “CoCo Bonds”), asset-backed or mortgage-backed securities (“ABS/MBS”), convertible bonds and warrant bonds issued by various public and/or private borrowers.

The Sub-Fund further engages in active currency manage-ment and can build up exposure to various currencies as well as to currency volatility. The Sub-Fund also takes active ex-posure to volatility via derivatives.

In addition, the Sub-Fund may expose up to 20% of its assets to asset- and mortgage-backed securities (ABS/MBS).

The Sub-Fund’s exposure to CoCo Bonds may not exceed 10% of its assets.

A maximum of 25% of the Sub-Fund's net assets may be ex-posed to convertible bonds and notes.

Exposure to distressed securities (i.e. securities that are typi-cally rated with a Standard & Poor’s rating below CCC- (or an equivalent rating from another rating agency)) may not ex-ceed 7% of the Sub-Fund’s net assets.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The exposure to the above asset classes may also be achieved indirectly via UCITS and/or other UCIs, including ex-change traded funds and undertakings for collective invest-ment managed by a company belonging to the Vontobel Group. The exposure achieved via eligible UCITS and/or other UCIs may amount to a maximum of 10% of the Sub-Fund's assets.

The Sub-Fund may also hold cash.

Currency risk and credit risk is actively managed by increas-ing or decreasing currency and credit exposure through the use of derivative financial instruments. Additionally, interest rate risk is actively managed by increasing or decreasing in-terest rate sensitivity (duration) through the use of derivative financial instruments.

For the purposes of achieving the investment objective or for hedging, in particular credit, currency and interest rate risks, the Sub-Fund may employ derivatives traded on exchange or over-the-counter. The derivative instruments include, but are not limited to, forwards, futures, swaps, including interest rate swaps, credit derivatives, including credit default swaps, as well as options, including options on foreign currencies, in

particular deliverable currencies, swaptions, options on the above derivative instruments and exotic options.

Investment Management Process

The Investment Manager applies a flexible approach to global bond and currency management.

The Investment Manager aims to maximize the diversification effect of the Sub-Fund’s exposure to global rates, credit spreads and currencies through three dimensions: asset clas-ses, investment strategies and time horizons. A structured portfolio construction process aims to balance the allocation of risk across rates, credit and currencies, and to reduce the impact of potential variation around Investment Manager views.

The portfolio management team deploys a dynamic top-down macro approach to actively manage portfolios through eco-nomic cycles, drawing on internal subject matter expertise in corporate bonds, emerging market bonds and currencies.

Long term strategic market views of the Investment Manager are complemented with tactical investment decisions to seek to benefit from trading opportunities arising in volatility mar-kets and aim to dynamically adjust the Sub-Fund portfolio’s total risk exposure. The diversification of the Sub-Fund is en-hanced by deploying size-constrained directional and relative-value positions.

The intended outcome of the investment process is positive absolute returns together with positive relative returns (alpha) and low correlation with other asset classes.

Implementing the aforementioned strategy to achieve the in-vestment objective of the Sub-Fund requires the use of deriv-ative financial instruments that may result in a significantly higher leverage than strategies that do not use derivatives.

More details on leverage and on the techniques by means of which this leverage is built up are provided in the section “Risk classification” below.

3 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The Share Classes of the Sub-Fund may also be charged a Performance Fee. The fee shall be calculated pursuant to section 20 "Fees and expenses" of the General Part with the following stipulations:

Performance Fee No more than 20% of outperformance

Calculation HWM Principle and Hurdle Rate Princi-ple (cumulatively)

High Water Mark HWM with 5-year reset on a rolling ba-sis

Hurdle Rate ICE BofA ESTR Overnight Rate Index (Ticker: LEC0) +1%

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Crystallization fre-quency/date Financial year (31 August)

Performance Reference Pe-riod 5 years

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

4 Typical investor profile The Sub-Fund is eligible for consideration by private and insti-tutional investors with a medium-term investment horizon, who wish to invest in a broadly diversified portfolio of medium- and long-term fixed and variable interest securities and who seek to achieve investment and capital return, while being aware of the associated price fluctuations. The investors must also be willing to accept investment risks, in particular risks associated with investments in ABS/MBS, CoCo Bonds, ac-tive currency management and extensive use of derivatives, as well as the ability to withstand volatility.

5 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Leverage is any technique that magnifies exposure to an asset class or to an instrument. Where leverage is ap-plied, the gain is amplified but additionally in the event of losses, the losses are also multiplied compared to the losses if portfolio were unleveraged. Leverage may lead to an increase in volatility of the net asset value of the Sub-Fund and increase the potential for capital losses compared to an unleveraged fund.

– Investments in higher-yielding and higher-risk bonds are generally considered to be more speculative invest-ments. These bonds typically comprise higher credit risk, higher price fluctuations, a higher risk of capital loss and of ongoing earnings than bonds with a higher credit rat-ing.

– Higher-yielding, higher-risk bonds are often issued by smaller companies or those that already have significant levels of debt. Such companies may have more difficulty than larger or less heavily indebted companies in making interest and capital payments. Such companies may also be more strongly affected by changing market conditions, such as a weaker economy or higher interest rates.

– Investments in higher-yielding, higher-risk bonds may also be less liquid than other investments, or the Sub-Fund may only be able to sell such investments at a dis-count to their actual value.

– The structure of ABS/MBS and the pools backing them may not be fully transparent and the Sub-Fund may be exposed to greater credit and prepayment risks (exten-sion or contraction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund.

– Contingent convertible bonds (so-called CoCo Bonds) are fixed-income securities with embedded options that financially benefit the issuer, by which a fixed-income se-curity is converted into an equity when certain pre-deter-mined conditions are met. Investments in contingent con-vertible bonds may be adversely impacted depending on the occurrence of specific security features or triggers, linked to regulatory capital minimums, and where the is-suer’s regulatory authorities express doubts regarding the creditworthiness of the issuer. In such adverse sce-narios, the value of such securities could be written down temporarily or permanently and/or coupons cancelled or deferred in order to help the issuer to absorb losses (loss absorption risk). The value of CoCo Bonds could also be unpredictable in the event of such securities being con-verted into equities at a discounted share price as per pre-determined rules specific to each issue and dis-closed in the issuer’s prospectus (conversion risk). If the securities are converted into equity following a conver-sion event, holders would become more subordinated as they become the holder of an equity investment versus holding a debt investment. Further risks of investing in CoCo Bonds are capital structure inversion risk, call ex-tension risk and liquidity risk.

– Distressed securities are the securities of issuers that are in financial distress or near bankruptcy, typically with a Standard & Poor´s rating below CCC- (or an equivalent rating from another rating agency). Investments in dis-tressed securities are very speculative and carry a signif-icant risk of capital loss.

– Investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds and distressed se-curities. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– Liquidity risk refers to the inability of a Sub-Fund to sell a security or liquidate a position at its fair value. A common consequence of reduced liquidity of a security or position is an additional discount on the price to sell or liquidate a

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0105717663 A EUR distributing Retail 0.050% - 09.12.1999 0.850% 0.850% yesLU1683487117 AN EUR distributing Retail 0.050% - 11.10.2017 0.650% 0.425% yesLU0105717820 B EUR accumulating Retail 0.050% - 09.12.1999 0.850% 0.850% yesLU0137004866 C EUR accumulating Retail 0.050% - 16.07.2007 1.350% 1.250% yesLU0278087514 I EUR accumulating Institutional 0.010% - 27.04.2007 0.425% 0.425% yesLU1683481003 N EUR accumulating Retail 0.050% - 03.10.2017 0.650% 0.425% yesLU0420005075 R EUR accumulating Retail 0.050% - 03.06.2009 0.850% 0.250% yesLU0571089167 S EUR accumulating Institutional 0.010% - 05.09.2014 0.000% 0.000% noLU0571069219 AM USD distributing Retail 0.050% - 01.02.2011 1.350% 1.250% yesLU1028901913 H (hedged) USD accumulating Retail 0.050% - 12.02.2014 0.850% 0.850% yesLU1028902051 HI (hedged) USD accumulating Institutional 0.010% - 12.02.2014 0.425% 0.425% yesLU1683483710 HN (hedged) USD accumulating Retail 0.050% - 05.10.2017 0.650% 0.425% yes

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position that may lead to a wider bid-ask spread as com-pared to the bid-ask spread for more liquid securities. In addition, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet redemption re-quests, or to meet liquidity needs in response to a spe-cific economic event in a timely manner. Liquidity risk may increase in the context of derivative transactions where positions may need to be liquidated to post addi-tional collateral to a counterparty e.g. to meet a margin call, following asset price movements. Such liquidity de-mands may arise regardless of whether a derivative is being used to increase exposure or to hedge risks.

– Currency trading is highly speculative and is strongly de-pendent on the skills of the Investment Manager to cor-rectly forecast the evolution of various currencies. If such forecasts in respect of the relevant currency pair prove to be inaccurate, the Sub-Fund suffers a loss. Active cur-rency trading can therefore lead to substantial losses.

– Volatility trading is very speculative and is strongly de-pendent on the skills of the Investment Manager to fore-cast both future realized market volatility and option-im-plied volatility. If such forecasts prove to be inaccurate, the Sub-Fund suffers a loss. Active volatility trading can therefore lead to substantial losses.

– Investments in bonds are subject to price fluctuations at all times. Investments in foreign currencies are also sub-ject to currency fluctuations.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes. While no asset is excluded from investment due solely to Sustainability Risks the In-vestment Manager must con-clude that any risk revealed, including Sustainability Risks, as part of the ESG research are adequately com-pensated by the assets expected return. More infor-mation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

6 Risk classification The Sub-Fund shall apply the absolute value at risk method (absolute VaR) to determine the global risk entailed in its in-vestments.

The global risk for the Sub-Fund is expected to be approxi-mately 8% of the Sub-Fund's net assets on average per year, but will not at any time exceed 20% of the Sub-Fund's net as-sets.

The leverage achieved for investment purposes in the Sub-Fund through the use of derivative financial instruments is cal-culated using the notional approach. The sum of notionals leverage achieved over the course of the year is expected to be around 500% or less of the net assets of the Sub-Fund. However, the sum of notionals leverage achieved on average may be above or below this value.

The Sub-Fund uses multi-leg option strategies and currency forwards. Whilst measurement of the actual economic risk from these strategies should be based on netting the constitu-ent positions, the sum of notionals leverage is the sum of the absolute notionals of the constituent derivatives contracts without netting. For example, a limited loss “put spread” op-tion strategy may consist of a long put option, that generates a profit when the reference underlier falls in value, combined with a short put option that generates a loss when the refer-ence underlier falls in value, in such a way as to only gener-ate a limited gain, at a fixed, upfront cost. Whilst the net lever-age of such a strategy is a fraction of the leverage due to either constituent put option, the sum of notionals leverage is arrived at by summing the absolute notional value of the short put and the absolute notional value of the long put, which could be many multiples of the net leverage. The difference between net leverage and the sum of notionals leverage reaches an extreme in the case of a pair of economically per-fectly offsetting option contracts (i.e. zero net notional, zero market risk and zero net leverage) which have a sum of no-tionals leverage equal to the sum of their respective absolute notionals.

In the same way that the economic neutralizing of an open option contract via an equal and opposite option contract re-sults in a sum of notionals leverage equal to twice the notional of each option contract, the industry standard procedure for closing out FX forward contracts and re-establishing the FX forward exposure to a new forward date results in a sum of notionals leverage equal to three times the notional of the original FX forward. The increase in sum of notionals leverage due to rolling forward or closing out positions can result in a significant variability of this metric over time.

Average leverage may further arise from so-called relative value trades. In these types of trades long positions in securi-ties or eligible derivatives are combined with short positions in eligible derivatives to achieve a net gain via relative price ap-preciation of the underlying long asset and relative price de-preciation of the underlying short position. Where such strate-gies are implemented through underlying instruments that normally exhibit a low level of volatility, such as fixed-income securities, larger notional position sizes may be entered into by the Investment Manager which, in turn, may result in higher levels of average leverage.

It should also be noted that the levels of the sum of notionals leverage might vary quite significantly over time depending on market environment, where the Investment Manager may de-cide to increase the Sub-Fund's use of derivatives either to hedge market risks or benefit from investment opportunities. Although this value must be stated, it does not permit any meaningful inference to be drawn as to the risk generated by the leverage.

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7 Benchmark The Sub-Fund is actively managed and is not managed with reference to a benchmark.

8 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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12 Vontobel Fund – Absolute Return Bond Dynamic

1 Reference currency EUR

2 Investment objective and policy Vontobel Fund – Absolute Return Bond Dynamic (the Sub-Fund) aims to achieve a positive absolute return in EUR in any market environment.

While respecting the principle of risk diversification, the Sub-Fund's assets are mainly exposed to the fixed-income asset class by investing directly, or indirectly via derivative financial instruments, in various bonds and similar fixed and variable rate debt instruments, including contingent convertible bonds (so-called CoCo Bonds”), asset-backed securities or mort-gage-backed securities (“ABS/MBS”), convertible bonds and warrant bonds issued by various public and/or private borrow-ers.

The Sub-Fund further engages in active currency manage-ment and can build up exposure to various currencies as well as to currency volatility. The Sub-Fund also takes active ex-posure to volatility via derivatives.

In addition, the Sub-Fund may expose up to 20% of its assets to asset- and mortgage-backed securities (ABS/MBS).

The Sub-Fund’s exposure to CoCo Bonds may not exceed 20% of its assets.

A maximum of 25% of the Sub-Fund's net assets may be ex-posed to convertible bonds and warrant bonds.

Exposure to distressed securities (i.e. securities that are typi-cally rated with a Standard & Poor’s rating below CCC- (or an equivalent rating from another rating agency)) may not ex-ceed 10% of the Sub-Fund’s net assets.

Up to 33% of the Sub-Fund's assets may be exposed to asset classes outside the aforementioned investment universe, in-cluding exposure to the equity markets.

The exposure to the above asset classes may also be achieved indirectly via UCITS and/or other UCIs, including ex-change traded funds and undertakings for collective invest-ment managed by a company belonging to the Vontobel Group.. The exposure achieved via eligible UCITS and/or other UCIs may amount to a maximum of 10% of the Sub-Fund's assets.

The Sub-Fund may also hold cash.

Currency risk and credit risk are actively managed by increas-ing or decreasing currency and credit exposure through the use of derivative financial instruments. Additionally, interest rate risk is actively managed by increasing or decreasing in-terest rate sensitivity (duration) through the use of derivative financial instruments.

For the purposes of achieving the investment objective or for hedging, in particular credit, currency and interest rate risks, the Sub-Fund may employ derivatives traded on exchange or over-the-counter. The derivative instruments include, but are not limited to, forwards, futures, swaps, including interest rate swaps, credit derivatives, including credit default swaps, as

well as options, including options on foreign currencies, in particular deliverable currencies, swaptions, options on the above derivative instruments and exotic options.

Investment Management Process

The Investment Manager applies a flexible approach to global bond and currency management.

The Investment Manager aims to maximize the diversification effect of the Sub-Fund’s exposure to global rates, credit spreads, equities and currencies through three dimensions: asset classes, investment strategies and time horizons. A structured portfolio construction process aims to balance the allocation of risk across rates, credit, equity and currencies, and reduce the impact of potential variation around Invest-ment Manager views.

The portfolio management team deploys a dynamic top-down macro approach to actively manage portfolios through eco-nomic cycles, drawing on internal subject matter expertise in corporate bonds, emerging market bonds and currencies.

Long term strategic market views of the Investment Manager are complemented with tactical investment decisions to seek to benefit from trading opportunities arising in volatility mar-kets and aim to dynamically adjust the Sub-Fund portfolio’s total risk exposure. The diversification of the Sub-Fund is en-hanced by deploying size-constrained directional and relative-value positions.

The intended outcome of the investment process is positive absolute returns together with positive relative returns (alpha) and low correlation with other asset classes.

Implementing the aforementioned strategy to achieve the in-vestment objective of the Sub-Fund requires the use of deriv-ative financial instruments that may result in a significantly higher leverage than strategies that do not use derivatives.

More details on leverage and on the techniques by means of which this leverage is built up are provided in the section “Risk classification” below.

3 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The Share Classes of the Sub-Fund may also be charged a Performance Fee. The fee shall be calculated pursuant to section 20 "Fees and expenses" of the General Part with the following stipulations:

Performance Fee No more than 20% of outperformance

Calculation HWM Principle and Hurdle Rate Princi-ple (cumulatively)

High Water Mark HWM with 5-year reset on a rolling ba-sis

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Hurdle Rate ICE BofA ESTR Overnight Rate Index (Ticker: LEC0) +1%

Crystallization fre-quency/date Financial year (31 August)

Performance Reference Pe-riod 5 years

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

4 Typical investor profile The Sub-Fund is eligible for consideration by private and insti-tutional investors with a medium-term investment horizon, who wish to invest in a broadly diversified portfolio of medium- and long-term fixed and variable interest securities and who seek to achieve investment and capital return, while being aware of the associated price fluctuations. The investors must also be willing to accept investment risks, in particular risks associated with investments in ABS/MBS, high yield corpo-rate securities, CoCo Bonds, active currency management and extensive use of derivatives, as well as the ability to with-stand volatility.

5 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Leverage is any technique that magnifies exposure to an asset class or to an instrument. Where leverage is ap-plied, the gain is amplified but additionally in the event of losses, the losses are also multiplied compared to the losses if portfolio were unleveraged. Leverage may lead to an increase in volatility of the net asset value of the Sub-Fund and increase the potential for capital losses compared to an unleveraged fund.

– Investments in higher-yielding and higher-risk bonds are generally considered to be more speculative invest-ments. These bonds typically comprise higher credit risk, higher price fluctuations, a higher risk of capital loss and of ongoing earnings than bonds with a higher credit rat-ing.

– Higher-yielding, higher-risk bonds are often issued by smaller companies or those that already have significant levels of debt. Such companies may have more difficulty than larger or less heavily indebted companies in making interest and capital payments. Such companies may also be more strongly affected by changing market conditions, such as a weaker economy or higher interest rates.

– Investments in higher-yielding, higher-risk bonds may also be less liquid than other investments, or the Sub-Fund may only be able to sell such investments at a dis-count to their actual value.

– The attention of the investors is drawn to the fact that the structure of ABS/MBS and the pools backing them may not be fully transparent and the Sub-Fund may be ex-posed to greater credit and prepayment risks (extension or contraction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund.

– Contingent convertible bonds (so-called CoCo Bonds) are fixed-income securities with embedded options that financially benefit the issuer, by which a fixed-income se-curity is converted into an equity when certain pre-deter-mined conditions are met. Investments in contingent con-vertible bonds may be adversely impacted depending on the occurrence of specific security features or triggers, linked to regulatory capital minimums, and where the is-suer’s regulatory authorities express doubts regarding the creditworthiness of the issuer. In such adverse sce-narios, the value of such securities could be written down temporarily or permanently and/or coupons cancelled or deferred in order to help the issuer to absorb losses (loss absorption risk). The value of CoCo Bonds could also be unpredictable in the event of such securities being con-verted into equities at a discounted share price as per pre-determined rules specific to each issue and dis-closed in the issuer’s prospectus (conversion risk). If the securities are converted into equity following a conver-sion event, holders would become more subordinated as they become the holder of an equity investment versus holding a debt investment. Further risks of investing in CoCo Bonds are capital structure inversion risk, call ex-tension risk and liquidity risk.

– Distressed securities are the securities of issuers that are in financial distress or near bankruptcy, typically with a Standard & Poor´s rating below CCC- (or an equivalent rating from another rating agency). Investments in dis-tressed securities are very speculative and carry a signif-icant risk of capital loss.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1106544130 H (hedged) CHF accumulating Retail 0.050% - 30.09.2014 0.850% 0.850% yesLU1106544304 HI (hedged) CHF accumulating Institutional 0.010% - 30.09.2014 0.425% 0.425% yesLU1683486812 HN (hedged) CHF accumulating Retail 0.050% - 11.10.2017 0.650% 0.425% yesLU1106543751 A EUR distributing Retail 0.050% - 30.09.2014 0.850% 0.850% yesLU1116495612 AI EUR distributing Institutional 0.010% - 30.09.2014 0.425% 0.425% yesLU1683486739 AN EUR distributing Retail 0.050% - 11.10.2017 0.650% 0.425% yesLU1106543835 B EUR accumulating Retail 0.050% - 30.09.2014 0.850% 0.850% yesLU1106543918 C EUR accumulating Retail 0.050% - 30.09.2014 1.350% 1.250% yesLU1106544056 I EUR accumulating Institutional 0.010% - 30.09.2014 0.425% 0.425% yesLU1683483553 N EUR accumulating Retail 0.050% - 05.10.2017 0.650% 0.425% yesLU1106544569 R EUR accumulating Retail 0.050% - 30.09.2014 0.850% 0.250% yesLU1106544213 H (hedged) USD accumulating Retail 0.050% - 30.09.2014 0.850% 0.850% yesLU1106544486 HI (hedged) USD accumulating Institutional 0.010% - 30.09.2014 0.425% 0.425% yesLU1683487034 HN (hedged) USD accumulating Retail 0.050% - 11.10.2017 0.650% 0.425% yes

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– Investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds and distressed se-curities. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– Liquidity risk refers to the inability of a Sub-Fund to sell a security or liquidate a position at its fair value. A common consequence of reduced liquidity of a security or a posi-tion is an additional discount on the price to sell or liqui-date a position that may lead to a wider bid-ask spread as compared to the bid-ask spread for more liquid securi-ties. In addition, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet redemption requests, or to meet liquidity needs in response to a spe-cific economic event in a timely manner. Liquidity risk may increase in the context of derivative transactions where positions may need to be liquidated to post addi-tional collateral to a counterparty e.g. to meet a margin call, following asset price movements. Such liquidity de-mands may arise regardless of whether a derivative is being used to increase exposure or to hedge risks.

– Currency trading is highly speculative and is strongly de-pendent on the skills of the Investment Manager to cor-rectly forecast the evolution of various currencies. If such forecasts in respect of the relevant currency pair prove to be inaccurate, the Sub-Fund suffers a loss. Active cur-rency trading can therefore lead to substantial losses.

– Volatility trading is very speculative and is strongly de-pendent on the skills of the Investment Manager to fore-cast both future realized market volatility and option-im-plied volatility. If such forecasts prove to be inaccurate, the Sub-Fund suffers a loss. Active volatility trading can therefore lead to substantial losses.

– Investments in bonds are subject to price fluctuations at all times. Investments in foreign currencies are also sub-ject to currency fluctuations.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must con-clude that any risk revealed, including Sustainability Risks, as part of the ESG research are adequately com-pensated by the assets expected return. More infor-mation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

6 Risk classification The Sub-Fund will apply the absolute value at risk method (absolute VaR) to determine the global risk entailed in its in-vestments.

The global risk for the Sub-Fund will not at any time exceed 20% of the Sub-Fund's net assets.

The leverage achieved for investment purposes in the Sub-Fund through the use of derivative financial instruments is cal-culated using the notional approach. The sum of notionals leverage achieved over the course of the year is expected to be around 700% or less of the net assets of the Sub-Fund. However, the actual sum of notionals leverage achieved on average may be above or below this value. A significantly higher level of average sum of notionals leverage may be generated as described below.

The Sub-Fund uses multi-leg option strategies and currency forwards. Whilst measurement of the actual economic risk from these strategies should be based on netting the constitu-ent positions, the sum of notionals leverage is the sum of the absolute notionals of the constituent derivatives contracts without netting. For example, a limited loss “put spread” op-tion strategy may consist of a long put option, that generates a profit when the reference underlier falls in value, combined with a short put option that generates a loss when the refer-ence underlier falls in value, in such a way as to only gener-ate a limited gain, at a fixed, upfront cost. Whilst the net lever-age of such a strategy is a fraction of the leverage due to either constituent put option, the sum of notionals leverage is arrived at by summing the absolute notional value of the short put and the absolute notional value of the long put, which could be many multiples of the net leverage. The difference between net leverage and the sum of notionals leverage reaches an extreme in the case of a pair of economically per-fectly offsetting option contracts (i.e. zero net notional, zero market risk and zero net leverage) which have a sum of no-tionals leverage equal to the sum of their respective absolute notionals.

In the same way that the economic neutralizing of an open option contract via an equal and opposite option contract re-sults in a sum of notionals leverage equal to twice the notional of each option contract, the industry standard procedure for closing out FX forward contracts and re-establishing the FX forward exposure to a new forward date results in a sum of notionals leverage equal to three times the notional of the original FX forward. The increase in sum of notionals leverage due to rolling forward or closing out positions can result in a significant variability of this metric over time.

Average leverage may further arise from so-called relative value trades. In these types of trades long positions in securi-ties or eligible derivatives are combined with short positions in eligible derivatives to achieve a net gain via relative price ap-preciation of the underlying long asset and relative price de-preciation of the underlying short position. Where such strate-gies are implemented through underlying instruments that normally exhibit a low level of volatility, such as fixed-income securities, larger notional position sizes may be entered into by the Investment Manager which, in turn, may result in higher levels of average leverage.

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It should also be noted that the levels of the sum of notionals leverage might vary quite significantly over time depending on market environment, where the Investment Manager may de-cide to increase the Sub-Fund's use of derivatives either to hedge market risks or benefit from investment opportunities. Although this value must be stated, it does not permit any meaningful inference to be drawn as to the risk generated by the leverage.

7 Benchmark The Sub-Fund is actively managed and is not managed with reference to a benchmark.

8 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am

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13 Vontobel Fund – Global Convertible Bond

1 Reference currency EUR

2 Investment objective and policy Vontobel Fund – Global Convertible Bond (the Sub-Fund) aims to achieve the highest possible capital growth in EUR.

The Sub-Fund's assets are mainly invested worldwide in con-vertible bonds, convertible notes, warrant bonds and similar securities and rights with conversion and option rights issued by private, public-private and public borrowers. The securities in which the Sub-Fund invests, are traded on a regulated mar-ket, and attention is paid to ensure that there is sufficient li-quidity.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

Interest rate, credit, currency and implicit (delta) and explicit equity risk in the Sub-Fund's portfolio may be actively man-aged through the use of derivative financial instruments that increase or reduce these risks. Furthermore, interest rate risk

may be actively managed by increasing or decreasing interest rate sensitivity (duration) through the use of derivative finan-cial instruments.

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile The Sub-Fund is aimed at private and institutional investors with a medium-term investment horizon, who wish to invest in a broadly diversified portfolio of medium- and long-term fixed and variable interest securities and to achieve a reasonable investment and capital return, while being aware of the asso-ciated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Investments in bonds are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctuations.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG research and integrates finan-

cially material Sustainability Risks into its investment deci-sion-making processes. While no asset is excluded from in-vestment due solely to Sustainability Risks the Investment Manager must conclude that any risk revealed, including Sus-tainability Risks, as part of the ESG research are adequately compensated by the assets expected return. More information on the sustainable investment policy, and on how the sustain-able investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the Re-finitiv Convertible Bond Index Global Focus Investment Grade (EUR hedged) and is used to compare the performance of the Sub-Fund. For the purpose of performance comparison for

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0414968601 H (hedged) CHF accumulating Retail 0.050% - 14.04.2009 1.100% 1.100% noLU0469619943 HI (hedged) CHF accumulating Institutional 0.010% - 02.09.2010 0.550% 0.550% noLU1683480534 HN (hedged) CHF accumulating Retail 0.050% - 02.10.2017 0.825% 0.550% noLU0416932159 A EUR distributing Retail 0.050% - 14.04.2009 1.100% 1.100% noLU1683482829 AN EUR distributing Retail 0.050% - 05.10.2017 0.825% 0.550% noLU0414968270 B EUR accumulating Retail 0.050% - 14.04.2009 1.100% 1.100% noLU0414968353 C EUR accumulating Retail 0.050% - 18.09.2009 1.600% 1.500% noLU0414968437 I EUR accumulating Institutional 0.010% - 14.04.2009 0.550% 0.550% noLU1683480450 N EUR accumulating Retail 0.050% - 02.10.2017 0.825% 0.550% noLU0996452610 R EUR accumulating Retail 0.050% - 22.11.2013 1.100% 0.250% noLU0414968783 H (hedged) USD accumulating Retail 0.050% - 14.04.2009 1.100% 1.100% noLU0469620016 HI (hedged) USD accumulating Institutional 0.010% - 10.04.2014 0.550% 0.550% noLU1683483041 HN (hedged) USD accumulating Retail 0.050% - 05.10.2017 0.825% 0.550% no

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hedged share classes, a hedged variant of the benchmark in the relevant share class currency may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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14 Vontobel Fund – Sustainable Emerging Markets Local Currency Bond

1 Reference currency USD

2 Investment objective Vontobel Fund – Sustainable Emerging Markets Local Cur-rency Bond (the Sub-Fund) aims to outperform the market of sovereign local currency emerging debt over a medium term on a risk-adjusted basis, while respecting the ESG strategy of the Sub-Fund.

The Sub-Fund promotes environmental or social characteris-tics, but does not have sustainable investment as its objec-tive, in accordance with Article 8 SFDR.

3 Investment policy

While respecting the principle of risk diversification, the Sub-Fund's net assets are primarily exposed to the fixed-income asset class by investing inter alia in bonds, notes and similar fixed interest or floating-rate debt instruments including con-vertibles, warrant bonds, and money market instruments, which are denominated in various emerging market curren-cies and issued or guaranteed by government or government-related and supranational issuers domiciled in, having their activity in, or exposed to emerging markets. The exposure to convertibles and warrant bonds may not exceed 25% of the Sub-Fund’s net assets.

Investment instruments do not require any specific rating (S&P, Moody’s and Fitch). The investments shall be made in a broad range of rating categories including distressed securi-ties. The exposure to the high yield sector of the fixed-income asset class may be established up to 100% of the Sub-Fund’s net assets, whereby the exposure to distressed securities (i.e. securities that are typically rated with a Standard & Poor’s rat-ing below CCC- (or an equivalent rating from another rating agency)) may not exceed 10% of the Sub-Fund’s net assets.

Emerging markets in connection with this Sub-Fund are all countries other than Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ire-land, Italy, Japan, Luxembourg, Monaco, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom and the United States of America.

Up to 33% of the Sub-Fund's net assets may be exposed, in compliance with the ESG strategy of the Sub-Fund, to debt and money market instruments outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

Currency, interest rate, credit and other market risks may be actively managed by increasing or decreasing exposure with derivative financial instruments. Derivative financial instru-ments may be used for the purposes of hedging (incl. cur-rency hedging) and building up an exposure to the above as-set classes. In particular the applied derivative financial instruments include, but are not limited to foreign exchange deliverable and non-deliverable forwards, options and swaps, interest rate swaps, foreign exchange-, interest rate- and

bond futures, credit derivatives, in particular credit default swaps.

Promotion of environmental or social characteristics.

The Sub-Fund promotes environmental or social characteris-tics by integrating ESG criteria in the investment process and directing investments into more sustainable governmental is-suers that meet the Investment Manager’s ESG criteria as ex-plained below. Countries committing to sustainability princi-ples are expected to have a stronger institutional framework, a sounder social and environmental development and a higher robustness to deal with internal and external shocks. This should allow for more sustainable long-term economic growth.

There are two explicit ways ESG is integrated into the man-agement of the Sub-Fund: the Exclusion Part and the Modi-fied Best-in-Class part (Positive Screening):

1) Exclusion Part: the Sub-Fund refrains from investing in securities issued by issuers from non-democratic coun-tries in accordance with the classification of a third-party research provider. This criterion leads to excluding more than 20% of the aforementioned investment universe. The Investment Universe is the sovereign local currency emerging debt market.

2) Modified Best-in-Class Part (Positive Screening): In addition to excluding non-democratic issuers, the Sub-Fund also applies an ESG approach based upon an in-house sustainability model. It is essentially a best-in-class approach, based on the comparison of the ESG characteristics of countries and - on an ancillary basis - supranational issuers. 100% of the securities in the Sub-Fund have the sustainability selection criteria applied to it. The methodology will measure how efficiently a country’s resources and capital are being used to improve the quality of life of the population. The methodology is an implementation of the ESG-model explained in extensive detail in the publication "Sustainability analysis of coun-tries" (see Vontobel.com for more information). The outcome of the sustainability assessment model is a sustainability rating for all countries (and supra-nation-als). The ESG Policy of the Sub-Fund stipulates that the (weighted) average sustainability rating of the portfolio has to be above the agreed sustainability threshold.

Main methodological limits are described in section 7 “Risk factors”.

The Sub-Fund consists primarily of securities, cash and deriv-atives. Regarding the ESG assessment and calculation they all have a specific treatment (e.g. 100% of the securities in the Sub-Fund have the sustainability selection criteria applied to it).

We would advise investors to find more information on the specific treatment of each asset category on vontobel.com/SFDR.

The Investment Manager assesses good governance prac-tices of the issuers by monitoring for ESG controversies and puts best effort in engagement with government bodies with

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regards to ESG policies and to promote sustainability aware-ness.

4 Single swing pricing The Sub-Fund is subject to single swing pricing and may ap-ply a Single Swing Pricing Factor of up to 3% of the net asset value.

5 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

6 Typical investor profile The Sub-Fund is aimed at private and institutional investors with a medium- to long-term investment horizon, who wish to invest in a broad and well diversified portfolio of short-,me-dium- and long-term fixed and floating interest securities. The Sub-Fund aims to achieve a reasonable investment and capi-tal return, while taking into account the associated price fluc-tuations.

7 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– The investments of the Sub-Fund, are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctuations.

– The securities are subject to multiple risks including but not limited to currency risk, interest rate risk, credit risk, liquidity risk, settlement risks, counterparty risk and repu-tation risk.

– The investments of the Sub-Fund are primarily in securi-ties denominated in a different currency than the base currency of the Sub-Fund (USD). Some currencies ex-hibit strong price fluctuations to the USD. Consequently, the value of the investments may move adversely in a material way. Before investing in the Sub-Fund, the in-vestors should consider that in case of an unfavorable evolvement of the currency market, the securities and/or

the active currency strategy in the portfolio may lead to substantial losses.

– The interest rate risk is the risk of a decrease in the value of a fixed-income security, or a derivative financial instru-ment, if interest rates rise. The Investment Manager may actively manage the sensitivity to interest rate changes of specific positions and/or the full portfolio by investing in derivative financial instruments.

– The credit risk is the risk that the issuer of a fixed-income security fails to perform a payment when due (default risk) or the rating of such an issuer shall be decreased by a rating agency (downgrade risk) or the yield spread of the issuer to the risk-free rate or other benchmark widens for any other reasons (credit spread risk).

– Specifically for the Sub-Fund it is important to note that governments may default on their sovereign debt and holders of sovereign debt (including the Sub-Fund) may be requested to participate in the rescheduling of such debt and to extend further loans to the governmental en-tities. There may be no bankruptcy proceeding by which sovereign debt, on which a government has defaulted, may be collected in whole or in part. In case a bank-ruptcy process would exist, a judicial risk gains im-portance (so-called “J-risk”). On average these court pro-ceedings take a considerable amount of time, and may not result in a favorable outcome. Moreover global econ-omies are highly dependent on one another and the con-sequences of the default of any sovereign state may be severe and far reaching possibly spreading towards

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1374299854 AMH (hedged) AUD distributing Retail 0.050% - 01.04.2016 2.250% 1.600% noLU0752070267 B CHF accumulating Retail 0.050% - 12.03.2012 1.250% 1.200% noLU0563308369 H (hedged) CHF accumulating Retail 0.050% - 18.01.2011 1.250% 1.200% noLU0563308799 HI (hedged) CHF accumulating Institutional 0.010% - 16.03.2011 0.625% 0.600% noLU1683483470 HN (hedged) CHF accumulating Retail 0.050% - 05.10.2017 0.950% 0.600% noLU2054207977 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.250% 0.250% noLU0752071745 B EUR accumulating Retail 0.050% - 12.03.2012 1.250% 1.200% noLU0563308443 H (hedged) EUR accumulating Retail 0.050% - 25.01.2011 1.250% 1.200% noLU0563308872 HI (hedged) EUR accumulating Institutional 0.010% - 10.04.2014 0.625% 0.600% noLU1683487380 HN (hedged) EUR accumulating Retail 0.050% - 12.10.2017 0.950% 0.600% noLU0563307551 A USD distributing Retail 0.050% - 25.01.2011 1.250% 1.200% noLU0563307635 AM USD distributing Retail 0.050% - 25.06.2012 2.250% 1.600% noLU1683487208 AN USD distributing Retail 0.050% - 11.10.2017 0.950% 0.600% noLU0563307718 B USD accumulating Retail 0.050% - 25.01.2011 1.250% 1.200% noLU0563307809 C USD accumulating Retail 0.050% - 25.01.2011 2.250% 1.600% noLU0563307981 I USD accumulating Institutional 0.010% - 25.01.2011 0.625% 0.600% noLU1683483124 N USD accumulating Retail 0.050% - 05.10.2017 0.950% 0.600% noLU0563308013 R USD accumulating Retail 0.050% - 25.01.2011 1.250% 0.250% noLU1374299938 AMH (hedged) ZAR distributing Retail 0.050% - 01.04.2016 2.250% 1.600% no

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other sovereign issuers. This could result in substantial losses to the Sub-Fund.

– Distressed securities are the securities that are in finan-cial distress or near bankruptcy, typically with a Standard & Poor´s rating below CCC- (or an equivalent rating from another agency). Investments in distressed securities are very speculative and their outcome strongly depends on the securities selection skills of the portfolio manager. In the case of the favourable outcome, the investment may yield an attractive return as the distressed securities may experience too high discount in their price which is not justified by the fair value of this security. In the reversed case, the total loss may be suffered by the investment if the issuer of the security goes bankrupt and investors do not receive any repayment on their borrowings. Distressed securities not only exhibit a higher degree of risk as compared to the risks inherent to the conventional investments in fixed-income securities, but also modify the importance of those and even become subject to risk types which are almost irrelevant for the debt securities of good standing. In the sector of the distressed securities, a judicial risk gains importance (so-called “J-risk”). As stated above, the distressed securities may be involved in the bank-ruptcy process. During this process, it is usual that sev-eral court trials take place. Particular risks arise resulting from the uncertainty of the outcome of this trials, in par-ticular out of the decisions made by the relevant judge.

– Higher yielding investments are more risky and generally considered to constitute more speculative investments. These securities comprise a higher credit risk, higher price fluctuations, a higher risk of loss of capital deployed and of ongoing earnings than bonds with a higher credit rating. Higher yielding investments are generally more sensitive to changes in macroeconomic conditions. The spread to higher rated securities tends to widen during economic slowdowns and to tighten during economic up-swings. Higher coupons payable to high-yield bond hold-ers are considered a compensation for the higher degree of risk taken.

– Liquidity risk is very important in the investment category of emerging markets. Liquidity risk refers to the inability of a Sub-Fund to sell a security or liquidate a position at its fair value. A common consequence of reduced liquid-ity of a security respectively of a position is an additional discount on the selling respectively liquidation price lead-ing to a wider bid-ask spread as compared to the bid-ask spread charged by the brokers to similar securities with higher liquidity. In addition, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet re-demption requests, or to meet liquidity needs in response to a specific economic event in a timely manner.

– Liquidity risk is particularly important for distressed secu-rities. Given that many investors are not willing or even not allowed to hold distressed securities, the trading of these securities deteriorates strongly once a security be-comes distressed. This may lead eventually to a drying up of the market, making liquidity risk the most prominent risk for this type of the securities.

– This Sub-Fund's investments may be subject to a higher degree of operational, settlement and legal risk. Invest-ments may be made in countries where the local capital markets may not yet qualify as recognized markets within the meaning of the investment restrictions set out in this Sales Prospectus. The procedures for settling securities transactions are associated with higher risks in the emerging markets than in developed markets. These higher risks are partly due to the fact that the Sub-Fund must use brokers and counterparties that may not have a very high level of capitalization. The safekeeping of assets may in some countries be less reliable than in more developed coun-tries for a variety of reasons. Emerging markets may also be adversely affected by political developments and/or changes in local laws, taxes and exchange controls.

– The Sub-Fund follows a Sustainability strategy and ap-plies either minimum exclusion criteria and/or certain in-ternal and/or external ESG rating assessments which may affect the Sub-Funds investment performance posi-tively or negatively since the execution of the ESG strat-egy may result in foregoing opportunities to buy certain securities, and/or selling securities due to their ESG-re-lated characteristics.

– Main methodological limits In assessing the eligibility of an issuer based on ESG re-search, there is a dependence upon information and data from third party ESG research data providers and inter-nal analyses which may be based on certain assump-tions or hypothesis that render it incomplete or inaccu-rate. As a result, there is a risk of inaccurately assessing a security or issuer. There is also a risk that the Invest-ment Manager may not apply the relevant criteria of the ESG research correctly or that the Sub-Fund could have indirect exposure to issuers who do not meet the relevant criteria. These risks pose a main methodological limit to the Sustainability strategy of the Sub-Fund. Neither the Fund, nor the Management Company nor the Investment Manager make any representation or warranty, express or implied, with respect to the fairness, correctness, ac-curacy, reasonableness or completeness of an assess-ment of ESG research and the correct execution of the Sustainability strategy.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy described above. The Sub-Fund has recourse to both internal and external ESG research and integrates financially material Sustainability Risks into its investment decision-making processes. More information on the sustainable invest-ment policy, and how the Sub-Fund implements Sustain-ability Risks may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s investment policy.

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8 Risk classification The Sub-Fund will apply the relative value at risk method (rel-ative VaR) to determine the global risk entailed in its invest-ments.

The risk measure will not exceed twice the value of the Sub-Fund's benchmark portfolio. The J.P. Morgan GBI-EM Global Diversified Composite USD will be used as the benchmark portfolio.

The leverage achieved for investment purposes in the Sub-Fund through the use of derivative financial instruments is cal-culated using the notional approach. The average leverage achieved over the course of the year is expected to be around 200% or less of the net assets of the Sub-Fund. However, the actual leverage achieved on average may be above or below this value. Also, it is to be noted that the levels of leverage might vary quite significantly over time depending on the mar-ket environment, where the Investment Manager may decide to increase the Sub-Fund's use of derivatives either to hedge market risks or benefit from investment opportunities. Alt-

hough this value must be stated, it does not permit any mean-ingful inference to be drawn as to the risk generated by the leverage.

9 Benchmark The Sub-Fund is actively managed. Its benchmark is the J.P. Morgan GBI-EM Global Diversified Composite USD and is used to compare the performance of the Sub-Fund.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition of the benchmark.

The benchmark index is not consistent with the environmental or social characteristics promoted by the Sub-Fund.

10 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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15 Vontobel Fund – Swiss Mid And Small Cap Equity

1 Reference currency CHF

2 Investment objective and policy Vontobel Fund – Swiss Mid and Small Cap Equity (the Sub-Fund) aims to achieve capital growth in CHF.

While respecting the principle of risk diversification, the Sub-Fund's assets are invested mainly in equities, equity-like transferable securities, participation certificates, etc. issued by mid and small cap companies based in Switzerland, listed on a Swiss stock exchange and/or which conduct the majority of their business in Switzerland.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

The term "mid and small cap Swiss companies" refers here to companies which are constituents in the Swiss Performance Index (SPI) Extra.

Whilst the focus of the portfolio manager is a fundamental bottom-up approach based on financial analysis, the invest-ment universe of the Sub-Fund is restricted to the securities contained in the above index. However, within this universe, the portfolio manager has full discretion on stock selection and whether to be overweight or underweight the index. The use of the index to define the universe of stocks can lead to a certain degree of closeness of the Sub-Fund to the index as well as to a higher level of correlation between the portfolio of the Sub-Fund and the index and, consequently, to a limited deviation of the risk-return features and the performance of the Sub-Fund from the one of this index. However, due to a high degree of freedom in selecting the securities from the in-dex and in their weighting in the portfolio as compared to their weighting in the index, the investment manager of the Sub-Fund has a high level of flexibility in constructing the portfolio.

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments.

4 Issue, redemption and conversion of shares By way of derogation from the provisions of Sections 12 to 14 of the General Part, the subscription/redemption/conversion applications on any one transaction day (T) shall be settled at the issue/redemption/conversion price calculated on the next Valuation Day (T+1). The payment of the issue/conversion price must be received by the Depositary within two (2) Business Days following the corresponding transaction date, or within one (1) Business Day following the corresponding Valuation Day (T+2). The payment of redemption proceeds shall normally be made within two (2) Business Days following the corresponding transaction date, or one (1) Business Day following the corresponding Valuation Day (T+2).

5 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

6 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a medium- to long-term investment horizon, who wish to invest in a broadly diversified portfolio of shares and to achieve a reasonable investment return and high capital gains, while being aware of the associated price fluctuations.

7 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Investments in equities are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctuations. In addition, investments in mid and small cap companies may be less liquid than investments in large cap companies, meaning the Sub-Fund may have to sell such holdings at a discounted price.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0129602552 A CHF distributing Retail 0.050% - 12.06.2001 1.650% 1.650% noLU1683480708 AN CHF distributing Retail 0.050% - 03.10.2017 1.250% 0.825% noLU0129602636 B CHF accumulating Retail 0.050% - 12.06.2001 1.650% 1.650% noLU1651443506 C CHF accumulating Retail 0.050% - 11.08.2017 2.650% 2.250% noLU0278085229 I CHF accumulating Institutional 0.010% - 13.07.2007 0.825% 0.825% noLU1684195974 N CHF accumulating Retail 0.050% - 02.10.2017 1.250% 0.825% noLU0420005661 R CHF accumulating Retail 0.050% - 15.11.2013 1.650% 0.250% noLU1700372607 S CHF accumulating Institutional 0.010% - 20.10.2017 0.000% 0.000% no

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both internal and external ESG research and integrates finan-cially material Sustainability Risks into its investment deci-sion-making processes. While no asset is excluded from in-vestment due solely to Sustainability Risks the Investment Manager must conclude that any risk revealed, including Sus-tainability Risks, as part of the ESG research are adequately compensated by the assets expected return. More information on the sustainable investment policy, and on how the sustain-able investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

8 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

9 Benchmark The Sub-Fund is actively managed. Its benchmark is the SPI Extra® TR and is also used to compare the performance of the Sub-Fund.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition of the benchmark.

10 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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16 Vontobel Fund – Sustainable European Mid and Small Cap Equity

1 Reference currency EUR

2 Investment objective and policy Vontobel Fund – Sustainable European Mid and Small Cap Equity (the Sub-Fund) aims to achieve long-term capital growth in EUR.

The Sub-Fund promotes environmental or social characteris-tics, but does not have as its objective a sustainable invest-ment, in accordance with Article 8 SFDR.

While respecting the principle of risk diversification, the Sub-Fund’s assets are invested mainly in equities, equity-like transferable securities, participation certificates, etc. issued by small and mid cap companies based in Europe and/or which conduct the majority of their business in Europe and that in-clude environmental, social and governance characteristics appropriate to their activities.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

The term "small and mid cap European companies" applies to those companies with a market value that at the time of in-vestment is less than or equal to 0.05% of the total European stock market capitalization. (The total European stock market capitalization is defined as the total market capitalization of all European OECD countries.)

In seeking to achieve the stated investment objective, the In-vestment Manager aims to identify high quality European small and mid cap companies at attractive valuations, through fundamental research that integrates sustainability criteria. Quality companies generate high returns on capital employed, creating economic value that is ultimately rewarded by the market. Sustainability Factors can have a material impact, both positive and negative, on business risk/opportunities and consequently returns.

The Sub-Fund will be screened in accordance with the In-vestment Manager’s view of appropriate ethical and sustain-ability principles. The Sub-Fund does not seek exposure to specific economic sectors but excludes issuers producing nu-clear power, owning fossil fuel reserves, producing tobacco or military weapons as well as any company from the gambling sector. This list is not exhaustive and may change from time to time to reflect new developments and research in the field of sustainable investment, for example where technology or social trends evolve.

The Sub-Fund promotes environmental and social character-istics by following integration and exclusions approaches by investing in small and mid cap companies with good Environ-mental, Social and Governance ratings. Companies must have a minimum ESG rating based on the Investment Man-ager’s proprietary scoring model (positive screening), as well as absolute prohibitions (negative screening) in the sectors listed on our website. Further information on the model, and the ESG approach can be found at Vontobel.com/SFDR.

All holdings are screened, rated and approved prior to invest-ment then continually monitored. Sustainability ratings are compiled by applying a proprietary ESG assessment model of a third-party data provider which evaluates companies on sector-specific environmental, social and good governance criteria. These criteria refer for example to companies’ actions and performance in relation to environmental protection in production, environmental product design, employee rela-tions, environmental and social supply chain standards and management systems. The ESG model scores companies relative to the other companies in the related industry (so called “best-in-class” approach). A minimum company score is required to invest. This threshold score recognizes that smaller companies do not have the same resource to devote to ESG reporting as larger companies.

The Sub-Fund further promotes environmental and social characteristics and intends to ensure good governance via active ownership. The Sub-Fund has a comprehensive en-gagement strategy that enables it to use its role as share-holders (and prospective shareholders) to support companies in becoming more sustainable. The Sub-Fund uses direct en-gagements which are undertaken by its Investment Manager. A key part of this is proxy voting where the Investment Man-ager works with a proxy advisory firm. Where there is a con-troversial issue, the Investment Managers will always seek to engage with company management before voting.

The Investment Manager works with company management to improve their ESG processes and reporting and the expec-tation is that ESG scores should improve over the holding pe-riod. The Investment Managers believes that if material expo-sures are addressed, and that management have a commitment to improve, then investment and engagement is appropriate. Ratings are continually reviewed and if a score drops below the minimum score then the position will be sold.

The implementation of the sustainability selection criteria as described above leads to the exclusion of at least 20% of po-tential investments. Main methodological limits are described in section 6 “Risk factors”. The investment universe is the Eu-ropean mid and small cap equity markets. 100% of the securi-ties in the Sub-Fund have the sustainability selection criteria as described above applied to them.

The Sub-Fund invests in direct holdings in order to meet the promoted environmental or social characteristics. Compliance with the environmental and social characteristics is continually monitored.

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

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The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report. 5 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a medium- to long-term investment horizon, who wish to invest in a broadly diversified portfolio of shares and to achieve a reasonable investment return and high capital gains, while being aware of the associated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Investments in equities are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctuations. In addition, investments in mid and small cap companies may be less liquid than investments in large cap companies, meaning the Sub-Fund may have to sell such holdings at a discounted price.

The Sub-Fund follows an ESG strategy and applies either minimum exclusion criteria and/or certain internal and/or ex-ternal ESG rating assessments which may affect the Sub-Funds investment performance positively or negatively since the execution of the ESG strategy may result in foregoing op-portunities to buy certain securities, and/or selling securities due to their ESG-related characteristics.

Main methodological limits In assessing the eligibility of an issuer based on ESG re-search, there is a dependence upon information and data from third party ESG research data providers and internal analyses which may be based on certain assumptions or hy-pothesis that render it incomplete or inaccurate. As a result, there is a risk of inaccurately assessing a security or issuer. There is also a risk that the Investment Manager may not ap-ply the relevant criteria of the ESG research correctly or that the Sub-Fund could have indirect exposure to issuers who do not meet the relevant criteria. These risks pose the main methodological limits to the sustainability strategy of the Sub-Fund. Neither the Fund, nor the Management Company nor the Investment Manager make any representation or war-ranty, express or implied, with respect to the fairness, correct-ness, accuracy, reasonableness or completeness of an as-sessment of ESG research and the correct execution of the ESG strategy.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG research and integrates finan-cially material Sustainability Risks into its investment deci-sion-making processes. More information on the sustainable investment policy, and how the Sub-Fund implements ESG may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s investment policy.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the MSCI Europe Small Cap Index TR net and is used to com-pare the performance of the Sub-Fund.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition of the benchmark.

The benchmark is not consistent with the environmental or social characteristics promoted by the Sub-Fund.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0120692511 A EUR distributing Retail 0.050% - 08.11.2000 1.650% 1.650% noLU1683485335 AN EUR distributing Retail 0.050% - 10.10.2017 1.250% 0.825% noLU0120694483 B EUR accumulating Retail 0.050% - 08.11.2000 1.650% 1.650% noLU0137005756 C EUR accumulating Retail 0.050% - 16.07.2007 2.650% 2.250% noLU0278089486 I EUR accumulating Institutional 0.010% - 23.03.2007 0.825% 0.825% noLU1683480880 N EUR accumulating Retail 0.050% - 03.10.2017 1.250% 0.825% noLU0996452370 R EUR accumulating Retail 0.050% - 22.11.2013 1.650% 0.250% no

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17 Vontobel Fund – European Equity 1 Reference currency EUR

2 Investment objective and policy Vontobel Fund – European Equity (the Sub-Fund) aims to achieve the highest possible capital growth in EUR.

While respecting the principle of risk diversification, the Sub-Fund's assets are invested mainly in equities, equity-like transferable securities, participation certificates, etc. issued by companies which are based in Europe and/or conduct the majority of their business in Europe.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

This Sub-Fund pursues a "quality growth" investment style aimed at the preservation of capital, and invests primarily in securities of companies that have relatively high long-term earnings growth and above-average profitability. Bearing in mind the applicable investment restrictions, this investment

style may lead to more heavily concentrated positions in indi-vidual companies or sectors.

3 Use of derivatives The Sub-Fund may, for the purpose of hedging (incl. currency hedging) and efficient portfolio management, make use of de-rivative financial instruments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a medium- to long-term investment horizon, who wish to invest in a broadly diversified portfolio of shares and to achieve a reasonable investment return and high capital gains, while being aware of the associated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Investments in equities are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctuations.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG research and integrates is-sues the Investment Manager regards as financially material Sustainability Risks into its investment decision-making pro-cesses. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must conclude that any risk revealed, including Sustainability Risks,

as part of the ESG research are regarded as within an ac-ceptable range to be considered suitable for investment con-sideration. More information on the sustainable investment policy, and on how the sustainable investment policy is imple-mented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks from environmental, social and gov-ernance issues that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s invest-ments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the MSCI Europe Index TR net and is used to compare the per-formance of the Sub-Fund. For the purpose of performance comparison for hedged share classes, the benchmark in the reference currency of the Sub-Fund may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU2054206730 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.650% 0.250% noLU0153585053 A EUR distributing Retail 0.050% - 16.12.2002 1.650% 1.650% noLU1683482662 AN EUR distributing Retail 0.050% - 05.10.2017 1.250% 0.825% noLU0153585137 B EUR accumulating Retail 0.050% - 16.12.2002 1.650% 1.650% noLU0153585210 C EUR accumulating Retail 0.050% - 16.07.2007 2.650% 2.250% noLU1506585600 G EUR accumulating Institutional 0.010% 50'000'000 28.10.2016 0.825% 0.550% noLU0278085062 I EUR accumulating Institutional 0.010% - 03.04.2007 0.825% 0.825% noLU1683480294 N EUR accumulating Retail 0.050% - 02.10.2017 1.250% 0.825% noLU0420007444 R EUR accumulating Retail 0.050% - 03.06.2009 1.650% 0.250% noLU1502169151 S EUR accumulating Institutional 0.010% - 17.10.2016 0.000% 0.000% noLU1626216706 HI (hedged) USD accumulating Institutional 0.010% - 16.06.2017 0.825% 0.825% no

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9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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18 Vontobel Fund – US Equity 1 Reference currency USD

2 Investment objective and policy Vontobel Fund – US Equity (the Sub-Fund) aims to achieve the highest possible capital growth in USD.

While respecting the principle of risk diversification, the Sub-Fund's assets are invested mainly in equities, equity-like transferable securities, participation certificates, etc. issued by companies based in the US and/or which conduct the majority of their business in the US.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

This Sub-Fund pursues a "quality growth" investment style aimed at the preservation of capital, and invests primarily in securities of companies that have relatively high long-term earnings growth and above-average profitability. Bearing in mind the applicable investment restrictions, this investment

style may lead to more heavily concentrated positions in indi-vidual companies or sectors.

3 Use of derivatives The Sub-Fund may, for the purpose of hedging (incl. currency hedging) and efficient portfolio management, make use of de-rivative financial instruments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a medium- to long-term investment horizon, who wish to invest in a broadly diversified portfolio of shares and to achieve a reasonable investment return and high capital gains, while being aware of the associated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Investments in equities are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctuations.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG research and integrates is-sues the Investment Manager regards as financially material Sustainability Risks into its investment decision-making pro-cesses. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must conclude that any risk revealed, including Sustainability Risks, as part of the ESG research are regarded as within an ac-ceptable range to be considered suitable for investment con-sideration. More information on the sustainable investment

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0469626211 HI (hedged) CHF accumulating Institutional 0.010% - 23.03.2016 0.825% 0.825% noLU2054208355 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.650% 0.250% noLU1725742628 AHI (hedged) EUR distributing Institutional 0.010% - 01.12.2017 0.825% 0.825% noLU1717118274 B EUR accumulating Retail 0.050% - 24.11.2017 1.650% 1.650% noLU1787046561 G EUR accumulating Institutional 0.010% 50'000'000 08.06.2018 0.825% 0.550% noLU0218912151 H (hedged) EUR accumulating Retail 0.050% - 10.01.2006 1.650% 1.650% noLU1945292289 HG (hedged) EUR accumulating Institutional 0.010% 50'000'000 12.02.2019 0.825% 0.550% noLU0368557038 HI (hedged) EUR accumulating Institutional 0.010% - 10.06.2008 0.825% 0.825% noLU1683485848 HN (hedged) EUR accumulating Retail 0.050% - 10.10.2017 1.250% 0.825% noLU1502169078 HS (hedged) EUR accumulating Institutional 0.010% - 17.10.2016 0.000% 0.000% noLU1664635726 I EUR accumulating Institutional 0.010% - 18.08.2017 0.825% 0.825% noLU1717118357 G GBP accumulating Institutional 0.010% 50'000'000 24.11.2017 0.825% 0.550% noLU0035763456 A USD distributing Retail 0.050% - 21.11.1991 1.650% 1.650% noLU1506584975 AI USD distributing Institutional 0.010% - 28.10.2016 0.825% 0.825% noLU1683485764 AN USD distributing Retail 0.050% - 10.10.2017 1.250% 0.825% noLU1550199050 ANG USD distributing Retail 0.050% 50'000'000 27.01.2017 0.825% 0.550% noLU0035765741 B USD accumulating Retail 0.050% - 21.11.1991 1.650% 1.650% noLU1683479957 B1 USD accumulating Retail 0.050% - 29.09.2017 2.250% 1.700% noLU0137005913 C USD accumulating Retail 0.050% - 16.07.2007 2.650% 2.250% noLU1683480021 C1 USD accumulating Retail 0.050% - 29.09.2017 2.750% 2.250% noLU1428951294 G USD accumulating Institutional 0.010% 50'000'000 13.06.2016 0.825% 0.550% noLU0278092605 I USD accumulating Institutional 0.010% - 16.03.2007 0.825% 0.825% noLU0897674072 N USD accumulating Retail 0.050% - 11.03.2013 1.250% 0.825% noLU0420007790 R USD accumulating Retail 0.050% - 03.06.2009 1.650% 0.250% noLU0571090686 S USD accumulating Institutional 0.010% - 17.12.2020 0.000% 0.000% noLU1809221994 U1 USD accumulating Retail 0.050% 30.05.2018 1.250% 0.850% no

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policy, and on how the sustainable investment policy is imple-mented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks from environmental, social and gov-ernance issues that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s invest-ments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the S&P 500 – TR and is used to compare the performance of the Sub-Fund. For the purpose of performance comparison for hedged share classes, the benchmark in the reference cur-rency of the Sub-Fund may be used..

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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19 Vontobel Fund – Global Equity 1 Reference currency USD

2 Investment objective and policy Vontobel Fund – Global Equity (the Sub-Fund) aims to achieve the highest possible capital growth in USD.

While respecting the principle of risk diversification, the Sub-Fund's assets are invested mainly in equities, equity-like transferable securities, participation certificates, etc. issued by companies worldwide.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

This Sub-Fund pursues a "quality growth" investment style aimed at the preservation of capital, and invests primarily in securities of companies that have relatively high long-term earnings growth and above-average profitability. Bearing in mind the applicable investment restrictions, this investment

style may lead to more heavily concentrated positions in indi-vidual companies or sectors.

3 Use of derivatives The Sub-Fund may, for the purpose of hedging (incl. currency hedging) and efficient portfolio management, make use of de-rivative financial instruments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a long-term investment horizon, who wish to invest in a broadly diversified portfolio of shares and to achieve a rea-sonable investment return and high capital gains, while being aware of the associated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Investments in equities are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctuations.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG research and integrates is-sues the Investment Manager regards as financially material Sustainability Risks into its investment decision-making pro-cesses. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must conclude that any risk revealed, including Sustainability Risks, as part of the ESG research are regarded as within an ac-ceptable range to be considered suitable for investment con-sideration. More information on the sustainable investment

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU2243976318 HI (hedged) CHF accumulating Institutional 0.010% - 04.11.2020 1.650% 0.825% noLU2277595851 HN (hedged) CHF accumulating Retail 0.050% - 19.01.2021 0.825% 0.825% noLU2054207035 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.650% 0.250% noLU2090086880 HS (hedged) CHF accumulating Institutional 0.010% - 07.01.2020 0.000% 0.000% noLU1121575069 AI EUR distributing Institutional 0.010% - 24.10.2014 0.825% 0.825% noLU0218911690 H (hedged) EUR accumulating Retail 0.050% - 02.11.2007 1.650% 1.650% noLU0333249364 HC (hedged) EUR accumulating Retail 0.050% - 15.04.2008 2.650% 2.250% noLU0368555768 HI (hedged) EUR accumulating Institutional 0.010% - 10.06.2008 0.825% 0.825% noLU1550202458 HN (hedged) EUR accumulating Retail 0.050% - 31.01.2017 1.250% 0.825% noLU1502168773 HS (hedged) EUR accumulating Institutional 0.010% - 17.10.2016 0.000% 0.000% noLU1171709931 I EUR accumulating Institutional 0.010% - 29.01.2015 0.825% 0.825% noLU2294183947 S EUR accumulating Institutional 0.010% - 26.02.2021 0.000% 0.000% noLU0824095136 I GBP accumulating Institutional 0.010% - 14.11.2012 0.825% 0.825% noLU0979498168 B SEK accumulating Retail 0.050% - 15.10.2013 1.650% 1.650% noLU0971939599 H (hedged) SEK accumulating Retail 0.050% - 24.09.2013 1.650% 1.650% noLU0218910023 A USD distributing Retail 0.050% - 01.07.2005 1.650% 1.650% noLU1683485921 AN USD distributing Retail 0.050% - 10.10.2017 1.250% 0.825% noLU0218910536 B USD accumulating Retail 0.050% - 01.07.2005 1.650% 1.650% noLU1683479361 B1 USD accumulating Retail 0.050% - 29.09.2017 2.250% 1.700% noLU0218910965 C USD accumulating Retail 0.050% - 16.07.2007 2.650% 2.250% noLU1683479445 C1 USD accumulating Retail 0.050% - 29.09.2017 2.750% 2.250% noLU1489322047 G USD accumulating Institutional 0.010% 50'000'000 21.09.2016 0.825% 0.650% noLU0278093595 I USD accumulating Institutional 0.010% - 19.06.2008 0.825% 0.825% noLU0858753451 N USD accumulating Retail 0.050% - 03.12.2012 1.250% 0.825% noLU0420007956 R USD accumulating Retail 0.050% - 03.06.2009 1.650% 0.250% noLU0571091494 S USD accumulating Institutional 0.010% - 02.07.2012 0.000% 0.000% noLU1809221721 U1 USD accumulating Retail 0.050% 30.05.2018 1.250% 0.825% no

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policy, and on how the sustainable investment policy is imple-mented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks from environmental, social and gov-ernance issues that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s invest-ments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the MSCI All Country World Index TR net and is used to compare the performance of the Sub-Fund. For the purpose of perfor-mance comparison for hedged share classes, the benchmark in the reference currency of the Sub-Fund may be used..

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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20 Vontobel Fund – Global Equity X 1 Reference currency USD

2 Investment objective and policy Vontobel Fund – Global Equity X (the Sub-Fund) aims to achieve the highest possible capital growth in USD.

While respecting the principle of risk diversification, the Sub-Fund's assets are exposed to equity markets by i.a. mainly in-vesting in equities, equity-like transferable securities, partici-pation certificates, etc. issued by companies worldwide.

Up to 33% of the Sub-Fund’s assets may be invested outside of the aforementioned investment universe. In particular fixed income securities and cash.

The exposure via eligible investment funds, including ex-change traded funds shall not be more than 10% of the Sub-Fund's assets at any time. Investments in companies en-gaged in the tobacco production, controversial weapons, fos-sil fuels extraction and adult entertainment businesses are not permitted. The companies falling in scope of this prohibition are such ones, which receive a non-marginal part of their re-spective revenues coming from these activities.

The Sub-Fund may also hold cash.

This Sub-Fund pursues a "quality growth" investment style aimed at the preservation of capital, and invests primarily in securities of companies that have relatively high long-term earnings growth and above-average profitability. Bearing in mind the applicable investment restrictions, this investment style may lead to more heavily concentrated positions in indi-vidual companies or sectors. The Sub-Fund may, for the pur-pose of hedging (incl. currency hedging) and portfolio man-agement, make use of derivative financial instruments.

3 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

4 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a long-term investment horizon, who wish to invest in a broadly diversified portfolio of shares, excluding the invest-ments in companies engaged in the tobacco production, con-troversial weapons, fossil fuels extraction and adult entertain-ment businesses, and to achieve a reasonable investment return and high capital gains, while being aware of the associ-ated price fluctuations.

5 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Investments in equities are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctuations.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG research and integrates is-sues the Investment Manager regards as financially material Sustainability Risks into its investment decision-making pro-cesses. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must

conclude that any risk revealed, including Sustainability Risks, as part of the ESG research are regarded as within an ac-ceptable range to be considered suitable for investment con-sideration. More information on the sustainable investment policy, and on how the sustainable investment policy is imple-mented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks from environmental, social and gov-ernance issues that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s invest-ments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

6 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

7 Benchmark The Sub-Fund is actively managed. Its benchmark is the MSCI All Country World Index TR net and is used to compare the performance of the Sub-Fund. For the purpose of perfor-mance comparison for hedged share classes, the benchmark in the reference currency of the Sub-Fund may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1925043769 N EUR accumulating Retail 0.050% - 27.08.2019 1.250% 0.825% noLU1900071892 B USD accumulating Retail 0.050% - 27.08.2019 1.650% 1.650% noLU1900071629 I USD accumulating Institutional 0.010% - 27.08.2019 0.825% 0.825% noLU1900072197 R USD accumulating Retail 0.050% - 27.08.2019 1.650% 0.250% noLU2014334366 S USD accumulating Institutional 0.010% - 27.08.2019 0.000% 0.000% no

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8 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am

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21 Vontobel Fund – Global Equity Income

1 Reference currency USD

2 Investment objective and policy Vontobel Fund – Global Equity Income (the Sub-Fund) aims to achieve the highest possible total return (combination of in-come and capital growth) in USD with superior sustainable in-come.

While respecting the principle of risk diversification, the Sub-Fund's assets are invested mainly in equities, equity-like transferable securities, participation certificates, etc. issued by companies worldwide with a focus on companies that are ex-pected to pay dividends.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

This Sub-Fund pursues a quality income and growth invest-ment style and invests primarily in equity securities of compa-nies that produce sustainable income supported by strong fundamentals and have relatively high long-term earnings growth and above-average profitability. Bearing in mind the

applicable investment restrictions, this investment style may lead to more heavily concentrated positions in individual com-panies or sectors.

3 Use of derivatives The Sub-Fund may, for the purpose of hedging (incl. currency hedging) and efficient portfolio management, make use of de-rivative financial instruments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a long-term investment horizon, who wish to invest in a broadly diversified portfolio of shares and to achieve the high-est possible total return in USD with superior sustainable in-come, while being aware of the associated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Investments in equities are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctuations.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG research and integrates is-sues the Investment Manager regards as financially material

Sustainability Risks into its investment decision-making pro-cesses. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must conclude that any risk revealed, including Sustainability Risks, as part of the ESG research are regarded as within an ac-ceptable range to be considered suitable for investment con-sideration. More information on the sustainable investment policy, and on how the sustainable investment policy is imple-mented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks from environmental, social and gov-ernance issues that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s invest-ments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the MSCI All Country World Index TR net and is used to compare

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0219097184 H (hedged) EUR accumulating Retail 0.050% - 23.12.2005 1.650% 1.500% noLU0368556063 HI (hedged) EUR accumulating Institutional 0.010% - 10.06.2008 0.825% 0.750% noLU1683489675 HN (hedged) EUR accumulating Retail 0.050% - 13.10.2017 1.250% 0.750% noLU0129603287 A Gross USD distributing Retail 0.050% - 12.06.2001 1.650% 1.500% noLU1683489592 AN USD distributing Retail 0.050% - 13.10.2017 1.250% 0.750% noLU1651442953 AQ Gross USD distributing Retail 0.050% - 18.08.2017 1.650% 1.500% noLU1651443092 AQN Gross USD distributing Retail 0.050% - 18.08.2017 1.250% 0.750% noLU0129603360 B USD accumulating Retail 0.050% - 12.06.2001 1.650% 1.500% noLU0278093322 I USD accumulating Institutional 0.010% - 13.07.2007 0.825% 0.750% noLU1683481771 N USD accumulating Retail 0.050% - 02.10.2017 1.250% 0.750% noLU0420008335 R USD accumulating Retail 0.050% - 04.06.2009 1.650% 0.250% no

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the performance of the Sub-Fund. For the purpose of perfor-mance comparison for hedged share classes, the benchmark in the reference currency of the Sub-Fund may be used..

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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22 Vontobel Fund – Emerging Markets Equity

1 Reference currency USD

2 Investment objective and policy Vontobel Fund – Emerging Markets Equity (the Sub-Fund) aims to achieve the highest possible capital growth in USD.

While respecting the principle of risk diversification, the Sub-Fund's assets are invested mainly in equities, equity-like transferable securities, participation certificates, etc. issued by companies which are based in an emerging market and/or conduct the majority of their business in an emerging market.

Emerging markets in connection with this Sub-Fund are all countries considered as such by the World Bank, the Interna-tional Finance Corporation or the United Nations or that are included in the MSCI Emerging Markets Index or the MSCI Frontier Markets (FM) Index. Irrespective of recognition by one of the abovementioned institutions, emerging markets also include: Brazil, Chile, China, Colombia, India, Indonesia, Malaysia, Mexico, Peru, the Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey, Hong Kong, Argentina, Uruguay, Venezuela, Singapore, Sri Lanka, Hungary, Egypt, the Czech Republic, Romania, Israel.

The Sub-Fund may invest up to 35% of its assets via Shang-hai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect in China A-Shares.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

This Sub-Fund pursues a "quality growth" investment style aimed at the preservation of capital, and invests primarily in securities of companies that have relatively high long-term earnings growth and above-average profitability. Bearing in mind the applicable investment restrictions, this investment style may lead to more heavily concentrated positions in indi-vidual companies or sectors.

3 Use of derivatives The Sub-Fund may, for the purpose of hedging (incl. currency hedging) and efficient portfolio management, make use of de-rivative financial instruments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a long-term investment horizon, who wish to invest in a

broadly diversified portfolio of shares and to achieve a rea-sonable investment return and high capital gains, while being aware of the associated price fluctuations.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU2086609422 AX CHF distributing Institutional 0.010% 50'000'000 07.01.2020 0.825% 0.517% noLU0469618119 H (hedged) CHF accumulating Retail 0.050% - 11.04.2012 1.650% 1.650% noLU0469618382 HI (hedged) CHF accumulating Institutional 0.010% - 19.12.2011 0.825% 0.825% noLU1683486069 HN (hedged) CHF accumulating Retail 0.050% - 10.10.2017 1.250% 0.825% noLU2054206573 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.650% 0.250% noLU0858753618 AHI (hedged) EUR distributing Institutional 0.010% - 03.12.2012 0.825% 0.825% noLU1828133469 G EUR accumulating Institutional 0.010% 50'000'000 08.06.2018 0.825% 0.650% noLU0218912235 H (hedged) EUR accumulating Retail 0.050% - 02.12.2005 1.650% 1.650% noLU0333249109 HC (hedged) EUR accumulating Retail 0.050% - 15.04.2008 2.650% 2.250% noLU1828133626 HG (hedged) EUR accumulating Institutional 0.010% 50'000'000 08.06.2018 0.825% 0.650% noLU0368556220 HI (hedged) EUR accumulating Institutional 0.010% - 10.06.2008 0.825% 0.825% noLU1179463556 HN (hedged) EUR accumulating Retail 0.050% - 11.02.2015 1.250% 0.825% noLU1502168427 HS (hedged) EUR accumulating Institutional 0.010% - 17.10.2016 0.000% 0.000% noLU1179465254 I EUR accumulating Institutional 0.010% - 11.02.2015 0.825% 0.825% noLU0863298914 G GBP accumulating Institutional 0.010% 50'000'000 19.12.2012 0.825% 0.650% noLU1179464281 HN (hedged) GBP accumulating Retail 0.050% - 11.02.2015 1.250% 0.825% noLU0787641983 I GBP accumulating Institutional 0.010% - 11.06.2012 0.825% 0.825% noLU0040506734 A USD distributing Retail 0.050% - 03.11.1992 1.650% 1.650% noLU1471805603 AI USD distributing Institutional 0.010% - 16.08.2016 0.825% 0.825% noLU1233654372 AN USD distributing Retail 0.050% - 22.05.2015 1.250% 0.825% noLU0040507039 B USD accumulating Retail 0.050% - 03.11.1992 1.650% 1.650% noLU1683479528 B1 USD accumulating Retail 0.050% - 29.09.2017 2.250% 1.700% noLU0137006218 C USD accumulating Retail 0.050% - 16.07.2007 2.650% 2.250% noLU1683479874 C1 USD accumulating Retail 0.050% - 29.09.2017 2.750% 2.250% noLU2240594775 G USD accumulating Institutional 0.010% 50'000'000 30.10.2020 0.825% 0.650% noLU0278093082 I USD accumulating Institutional 0.010% - 30.03.2007 0.825% 0.825% noLU0858753535 N USD accumulating Retail 0.050% - 03.12.2012 1.250% 0.825% noLU0420008509 R USD accumulating Retail 0.050% - 03.06.2009 1.650% 0.250% noLU0209301448 S USD accumulating Institutional 0.010% - 01.02.2005 0.000% 0.000% noLU1809222026 U1 USD accumulating Retail 0.050% 30.05.2018 1.250% 0.850% no

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6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail.

– Investments may be made in countries where the local stock exchanges may not yet qualify as recognized stock exchanges within the meaning of the investment re-strictions set out in this Sales Prospectus;

– Accordingly, pursuant to the investment and borrowing restrictions defined in section 9 of the General Part, in-vestments in securities listed on stock exchanges which do not qualify as recognized exchanges or markets and other non-listed investments may not exceed 10% of the net assets of each of these Sub-Funds;

– This Sub-Fund's investments may be subject to a higher degree of risk. The stock markets and the economies of emerging markets are generally volatile. This Sub-Fund's investments in certain emerging markets may also be ad-versely affected by political developments and/or changes in local laws, taxes and exchange controls. Fi-nally, in some countries, it is difficult to clearly identify what conditions of ownership apply to certain companies as a result of ongoing privatization processes;

– The procedures for settling securities transactions are associated with higher risks in the emerging markets than in developed markets. These higher risks are partly due to the fact that the Sub-Fund must use brokers and counterparties which do not have a very high level of capitalization, and the safekeeping of assets may in some countries be undependable, so that upon subscrip-tion or redemption, Fund shares may be worth less, or more, than at the time they were created.

Investments in equities are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctuations.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG research and integrates is-sues the Investment Manager regards as financially material Sustainability Risks into its investment decision-making pro-cesses. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must conclude that any risk revealed, including Sustainability Risks, as part of the ESG research are regarded as within an ac-ceptable range to be considered suitable for investment con-sideration. More information on the sustainable investment policy, and on how the sustainable investment policy is imple-mented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks from environmental, social and gov-ernance issues that the Sub-Fund may be subject to are likely

to have a low impact on the value of the Sub-Fund’s invest-ments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the MSCI Emerging Markets TR net and is also used to compare the performance of the Sub-Fund. For the purpose of perfor-mance comparison for hedged share classes, the benchmark in the reference currency of the Sub-Fund may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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23 Vontobel Fund – Asia Pacific Equity 1 Reference currency USD

2 Investment objective and policy Vontobel Fund – Asia Pacific Equity (the Sub-Fund) aims to achieve the highest possible capital growth in USD.

While respecting the principle of risk diversification, the Sub-Fund's assets are invested mainly in equities, equity-like transferable securities, participation certificates, etc. issued by companies from the Far East and/or Oceania (except Japan) and/or by companies which conduct the majority of their busi-ness in the Far East and/or Oceania (except Japan). The Far East in terms of this Sub-Fund means countries such as Ma-laysia, Singapore, South Korea, Thailand, India, China, etc., not including Japan.

The Sub-Fund may invest up to 35% of its assets via Shang-hai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect in China A-Shares.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

This Sub-Fund pursues a "quality growth" investment style aimed at the preservation of capital, and invests primarily in securities of companies that have relatively high long-term earnings growth and above-average profitability. Bearing in

mind the applicable investment restrictions, this investment style may lead to more heavily concentrated positions in indi-vidual companies or sectors.

3 Use of derivatives The Sub-Fund may, for the purpose of hedging (incl. currency hedging) and efficient portfolio management, make use of de-rivative financial instruments.

4 Valuation Day For this Sub-Fund, by way of exception, as described in sec-tion 22.3 "Publication of prices" of the General Part, the net asset value calculated on the Valuation Day is published with the date of the Valuation Day.

5 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

6 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a long-term investment horizon, who wish to invest in a broadly diversified portfolio of shares and to achieve a rea-sonable investment return and high capital gains, while being aware of the associated price fluctuations.

7 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Investments may be made in countries where the local stock exchanges may not yet qualify as recognized stock exchanges within the meaning of the investment re-strictions set out in this Sales Prospectus;

– Accordingly, pursuant to the investment and borrowing restrictions defined in section 9 of the General Part, in-vestments in securities listed on stock exchanges which do not qualify as recognized exchanges or markets and other non-listed investments may not exceed 10% of the net assets of each of these Sub-Funds.

– Investments in equities are subject to price fluctuations at all times. Investments in foreign currencies are also sub-ject to currency fluctuations.

– The Sub-Fund’s investments may be subject to Sustaina-

bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates issues the Investment Manager re-gards as financially material Sustainability Risks into its

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU2054205849 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.650% 0.250% noLU0218912409 H (hedged) EUR accumulating Retail 0.050% - 02.12.2005 1.650% 1.650% noLU0368556733 HI (hedged) EUR accumulating Institutional 0.010% - 10.06.2008 0.825% 0.825% noLU1683484106 HN (hedged) EUR accumulating Retail 0.050% - 09.10.2017 1.250% 0.825% noLU0084450369 A USD distributing Retail 0.050% - 25.02.1998 1.650% 1.650% noLU1683484288 AN USD distributing Retail 0.050% - 09.10.2017 1.250% 0.825% noLU0084408755 B USD accumulating Retail 0.050% - 25.02.1998 1.650% 1.650% noLU0137007026 C USD accumulating Retail 0.050% - 16.07.2007 2.650% 2.250% noLU1917570845 G USD accumulating Institutional 0.010% 50'000'000 12.02.2019 0.825% 0.650% noLU0278091540 I USD accumulating Institutional 0.010% - 04.04.2007 0.825% 0.825% noLU0923573769 N USD accumulating Retail 0.050% - 05.08.2013 1.250% 0.825% noLU0420008848 R USD accumulating Retail 0.050% - 03.06.2009 1.650% 0.250% noLU1687389434 S USD accumulating Institutional 0.010% - 06.10.2017 0.000% 0.000% no

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investment decision-making processes. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must conclude that any risk revealed, including Sustainability Risks, as part of the ESG research are regarded as within an acceptable range to be considered suitable for investment consider-ation. More information on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from Von-tobel.com/SFDR.

The Sustainability Risks from environmental, social and governance issues that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

8 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

9 Benchmark The Sub-Fund is actively managed. Its benchmark is the MSCI All Country Asia Pacific Ex-Japan Index TR net and is used to compare the performance of the Sub-Fund. For the purpose of performance comparison for hedged share clas-ses, the benchmark in the reference currency of the Sub-Fund may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

10 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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24 Vontobel Fund – Clean Technology 1 Reference currency EUR

2 Investment objective and policy Vontobel Fund – Clean Technology (the Sub-Fund) has a sustainable investment objective which consists of investing in the clean technology sector and aims to achieve long-term capital growth in EUR. The Sub-Fund is categorized under Ar-ticle 9 SFDR.

While respecting the principle of risk diversification, at least 67% of the Sub-Fund's assets are invested in shares, equity-like transferable securities, participation certificates, etc. is-sued by companies worldwide whose products or services contribute to an environmentally sustainable objective in the Investment Managers’ opinion (“Clean Technology”/”impact”).

The Sub-Fund may invest up to 20% of its assets via Shang-hai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect in China A-Shares.

The Sub-Fund invests in economic activities that capture the opportunities arising from long-term structural shifts such as growing population, increasing urbanization and rising in-come. The Sub-Fund focuses on six core impact pillars: Clean energy infrastructure, resource-efficient industry, clean water, building technology, low emission transportation and lifecycle management. The targeted companies provide prod-ucts and services along the whole value chain, which have the potential to tackle today’s pressing problems such as re-source scarcity and environmental pollution.

The Sub-Fund regularly reports its positive impact by disclos-ing the contribution of the holdings to the various impact pil-lars and corresponding UN Sustainable Development Goals (SDGs). In addition distinct quantitative impact indicators are disclosed. Regular reports can be found on vontobel.com/SFDR.

The activities of the Sub-Fund’s portfolio holdings are further-more assessed as to how they contribute to at least one of the environmental objectives of the EU Taxonomy (climate change mitigation, climate change adaption, the sustainable use and protection of water and marine resources, the transi-tion to a circular economy, pollution prevention and control, the protection and restoration of biodiversity and ecosys-tems). At the same time, the business activities of the Sub-Fund’s investments shall not harm any of the other five objec-tives or another Sustainable Investment objective (referred as DNSH, do no significant harm. This aspect is assessed via critical business involvements and environmental controver-sies, whereby data points from external ESG data providers serve as a guidance. The investment process also includes an evaluation of the holdings’ minimum social and good gov-ernance requirements – referred to as compliant with mini-mum safeguards to ensure the alignment with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, including the prin-ciples and rights set out in the eight fundamental conventions identified in the Declaration of the International Labour Organ-ization (ILO) on Fundamental Principles and Rights at Work

and the International Bill of Human Rights while adhering to the principle of DNSH.

The Sub-Fund excludes issuers producing nuclear power, owning fossil fuel reserves and producing controversial mili-tary weapons. ESG-Ratings from external data sources for each company (absolute and relative within their peer group plus rating trend over time) provide a first guidance. More im-portant for a company selection is the company’s contribution to one of the six impact pillars of the Sub-Fund and the adher-ence to the described DNSH and the compliance with the minimum safeguards.

For this Sub-Fund voting and engagement are important in-struments for the development of sustainable economies, so-cieties and the environment, and that material Sustainability Risks can impact the future success of a company and there-fore its investment potential. The Sub-Fund engages with indi-vidual investee companies to raise awareness and facilitate change in the relevant impact fields.

The implementation of the positive impact selection criteria and the ESG assessment as described above leads to the ex-clusion of at least 20% of potential investments. Main method-ological limits are described in section 6 “Risk factors”. The in-vestment universe are the global listed equity markets. 100% of the securities in the Sub-Fund have the ESG and impact selection criteria applied to it.

The investee companies are rated for good governance as-pects as described above in the paragraph on DNSH and compliance with minimum safeguards.

The Sub-Fund invests in direct holdings in order to invest sus-tainably.

Compliance with the above requirements for sustainable in-vestment is monitored at all times.

All investments qualifying as sustainable are screened against all significant harm indicators relevant to the eco-nomic sector.

The Sub-Fund may also hold cash up to 33% of its net as-sets.

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

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The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a long-term investment horizon, who wish to invest in a broadly diversified portfolio of shares and to achieve a rea-sonable investment return and high capital gains, while being aware of the associated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Investments in bonds and equities are subject to price fluctua-tions at all times. Investments in foreign currencies are also subject to currency fluctuations.

The Sub-Fund follows an ESG strategy and applies either minimum exclusion criteria and/or certain internal and/or ex-ternal ESG rating assessments which may affect the Sub-Funds investment performance positively or negatively since the execution of the ESG strategy may result in foregoing op-portunities to buy certain securities, and/or selling securities due to their ESG-related characteristics.

Main methodological limits In assessing the eligibility of an issuer based on ESG re-search, there is a dependence upon information and data from third party ESG research data providers and internal analyses which may be based on certain assumptions or hy-pothesis that render it incomplete or inaccurate. As a result, there is a risk of inaccurately assessing a security or issuer. There is also a risk that the Investment Manager may not ap-ply the relevant criteria of the ESG research correctly or that the Sub-Fund could have indirect exposure to issuers who do not meet the relevant criteria. This poses a significant meth-odological limit to the ESG strategy of the Sub-Fund. Neither the Fund, nor the Management Company nor the Investment

Manager make any representation or warranty, express or im-plied, with respect to the fairness, correctness, accuracy, rea-sonableness or completeness of an assessment of ESG re-search and the correct execution of the ESG strategy.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG research and integrates finan-cially material Sustainability Risks into its investment deci-sion-making processes. More information on the sustainable investment policy, and how the Sub-Fund implements Sus-tainability Risks may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s investment policy.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the MSCI World Index TR net and is used to compare the perfor-mance of the Sub-Fund. For the purpose of performance comparison for hedged share classes, the benchmark in the reference currency of the Sub-Fund may be used..

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1407930350 A CHF distributing Retail 0.050% - 29.07.2016 1.650% 1.650% noLU1683484874 AN CHF distributing Retail 0.050% - 09.10.2017 1.250% 0.825% noLU1407930780 B CHF accumulating Retail 0.050% - 29.07.2016 1.650% 1.650% noLU1407930947 H (hedged) CHF accumulating Retail 0.050% - 15.07.2016 1.650% 1.650% noLU1683485095 HN (hedged) CHF accumulating Retail 0.050% - 10.10.2017 1.250% 0.825% noLU2054206060 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.650% 0.250% noLU1683484957 N CHF accumulating Retail 0.050% - 10.10.2017 1.250% 0.825% noLU0384405519 A EUR distributing Retail 0.050% - 17.11.2008 1.650% 1.650% noLU1683485178 AN EUR distributing Retail 0.050% - 10.10.2017 1.250% 0.825% noLU0384405600 B EUR accumulating Retail 0.050% - 17.11.2008 1.650% 1.650% noLU1651443175 C EUR accumulating Retail 0.050% - 11.08.2017 2.650% 2.250% noLU0384405949 I EUR accumulating Institutional 0.010% - 17.11.2008 0.825% 0.825% noLU1598842364 N EUR accumulating Retail 0.050% - 27.04.2017 1.250% 0.825% noLU0385068894 R EUR accumulating Retail 0.050% - 17.11.2008 1.650% 0.250% noLU1956006784 S EUR accumulating Institutional 0.010% - 12.07.2019 0.000% 0.000% noLU1618348236 N GBP accumulating Retail 0.050% - 04.08.2017 0.825% 0.825% noLU2308696694 H (hedged) SGD accumulating Retail 0.050% - 17.03.2021 1.650% 1.650% noLU2308661045 HN (hedged) SGD accumulating Retail 0.050% - 17.03.2021 0.825% 0.825% noLU2319663238 B1 USD accumulating Retail 0.050% - 08.04.2021 2.250% 1.700% noLU1956006941 C USD accumulating Retail 0.050% - 12.07.2019 2.650% 2.250% noLU2319663584 C1 USD accumulating Retail 0.050% - 08.04.2021 2.750% 2.400% noLU1618348079 H (hedged) USD accumulating Retail 0.050% - 02.06.2017 1.650% 1.650% noLU1683485251 HN (hedged) USD accumulating Retail 0.050% - 10.10.2017 1.250% 0.825% noLU2250008831 I USD accumulating Institutional 0.010% - 09.11.2020 0.825% 0.825% no

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9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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25 Vontobel Fund – Energy Revolution 1 Reference currency EUR

2 Investment objective and policy Vontobel Fund – Energy Revolution (the Sub-Fund) aims to achieve the highest possible capital growth in EUR.

While respecting the principle of risk diversification, the Sub-Fund's assets are mainly invested in shares, equity-like trans-ferable securities, participation certificates, etc. issued by companies worldwide that operate in the future resources sector. The future resources sector primarily includes the main themes of alternative energy (such as wind, solar and biofuels) and resource scarcity (such as with raw materials, product innovation, clean water, forestry, agriculture, etc.).

The Sub-Fund may invest up to 20% of its assets via Shang-hai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect in China A-Shares.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a long-term investment horizon, who wish to invest in a broadly diversified portfolio of shares and to achieve a rea-sonable investment return and high capital gains, while being aware of the associated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Investments in bonds and equities are subject to price fluctua-tions at all times. Investments in foreign currencies are also subject to currency fluctuations.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG research and integrates finan-cially material Sustainability Risks into its investment deci-sion-making processes. More information on the sustainable

investment policy, and on how the sustainable investment pol-icy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach incorporating exclu-sions of economic activities that harm environment and soci-ety, excluding companies who fail to comply with the ten UN Global Compact principles, excluding ESG laggards based on ESG research data obtained from third-party data provider.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the MSCI All Country World Index TR net and is used to compare the performance of the Sub-Fund. For the purpose of perfor-mance comparison for hedged share classes, the benchmark in the reference currency of the Sub-Fund may be used..

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1407930194 A CHF distributing Retail 0.050% - 29.07.2016 1.650% 1.650% noLU1407930277 B CHF accumulating Retail 0.050% - 29.07.2016 1.650% 1.650% noLU0469623382 H (hedged) CHF accumulating Retail 0.050% - 12.05.2011 1.650% 1.650% noLU1683485509 HN (hedged) CHF accumulating Retail 0.050% - 10.10.2017 1.250% 0.825% noLU0384406087 A EUR distributing Retail 0.050% - 17.11.2008 1.650% 1.650% noLU1683485418 AN EUR distributing Retail 0.050% - 10.10.2017 1.250% 0.825% noLU0384406160 B EUR accumulating Retail 0.050% - 17.11.2008 1.650% 1.650% noLU0384406244 C EUR accumulating Retail 0.050% - 17.11.2008 2.650% 2.250% noLU0384406327 I EUR accumulating Institutional 0.010% - 17.11.2008 0.825% 0.825% noLU0952815594 N EUR accumulating Retail 0.050% - 22.07.2013 1.250% 0.825% noLU0385069272 R EUR accumulating Retail 0.050% - 17.11.2008 1.650% 0.250% noLU0571082402 C USD accumulating Retail 0.050% - 01.02.2011 2.650% 2.250% noLU2269201534 N USD accumulating Retail 0.050% - 17.12.2020 1.250% 0.825% no

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9 Historical performance The performance for each share class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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26 Vontobel Fund – mtx Sustainable Asian Leaders (ex Japan)

1 Reference currency USD

2 Investment objective and policy Vontobel Fund – mtx Sustainable Asian Leaders (ex Japan) (the Sub-Fund) aims to generate long-term capital growth and seeks to promote environmental or social characteristics by employing a number of safeguards and evaluating all in-vestments against sustainability criteria with hard thresholds required to be met for inclusion. The Sub-Fund is categorized as Article 8 SFDR.

The starting investment universe is the Asia (ex Japan) equity markets. “mtx” is the sustainable equities team of the Invest-ment Manager.

While respecting the principle of risk diversification, the Sub-Fund's assets are mainly invested in shares, equity-like trans-ferable securities, participation certificates, etc. issued by companies that are based in or conduct the majority of their business activity in Asia (excluding Japan) and that include environmental or social characteristics in their economic activ-ities.

The Sub-Fund may invest up to 35% of its assets via Shang-hai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect in China A-Shares.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

The Investment Manager excludes from the investment uni-verse of the Sub-Fund, all companies producing controversial weapons, tobacco, and palm oil and companies who derive more than a de minimis percentage of revenues from the fol-lowing activities: nuclear energy, coal power or coal extrac-tion, oil sands, weapons related military contracting, or adult entertainment, as well as tobacco retailers but with a higher revenue share (please see vontobel.com/SFDR for up-to-date revenue thresholds for these excluded activities). These con-troversial sectors are excluded because they are not consid-ered economically successful in the long-term and/or because they cause harm to Sustainability Factors (in particular the en-vironment and public health and safety). The Sub-Fund also excludes companies that are evaluated to have failed interna-tional norms and standards (subject to certain specific criteria that allows companies scope to remediate the breach) as codified in the: i) UN Global Compact; ii) OECD Guidelines for Multinational Enterprises; iii) UN Guiding Principles on Busi-ness and Human Rights; iv) International Labour Organiza-tion’s Conventions; as well as v) underlying conventions and treaties of the above named codes and a long list of other in-ternational conventions, norms and instruments. Additionally, the Sub-Fund adheres to the official UN list of sanctioned countries in respect of oppressive regimes and do not invest in companies domiciled in such a country.

Based on systematic filtering of the remaining eligible invest-ment universe, the Investment Manager seeks to identify mar-ket-leading companies by analyzing fundamental data of the

companies, such as return on invested capital and their mar-ket position. Companies that provide the best outcome after the completion of the above described stock selection pro-cess (Leaders) represent the investment pool for the Sub-Fund. Within this filtered investment universe of Leaders, the Investment Manager conducts additional financial modeling. The outcome of such modelling is a sub-pool of Leaders which are considered potentially eligible for investment, so called the Investible Asian (ex. Japan) Universe. Sustainabil-ity (environmental, social and governance (ESG)) assess-ments are conducted on the Investible Asia (ex. Japan) Uni-verse.

The Investment Manager’s sustainability investment process consists of detailed, systematic qualitative and quantitative analysis of a potential investee’s Sustainability Risks and Sustainability Factors (collectively Sustainability Indicators).

Integrating Sustainability Indicators is a central pillar in the in-vestment process with the aim of improving the long-term risk-return characteristics of the Sub-Fund’s portfolio and sup-porting elevated social or environmental practices by the in-vestee companies. The Investment Manager is motivated by the understanding that its investments have the potential to affect society and the environment, and that such investments are affected by society and the environment. The sustainabil-ity approach avoids investments in issuers who demonstrate, through various criteria, that they are underprepared to avoid material Sustainability Risks and identifies issuers that seek to include environmental or social characteristics in their eco-nomic activities (as have been evaluated to be most material according to the company’s principle business sector). As such, both the risk profile of the Sub-Fund’s portfolio is en-hanced and the Sub-Fund selects companies who are better at managing their real world impacts.

The investee companies are rated for governance aspects us-ing the Investment Manager’s sustainability framework. Com-mon governance indicators include board independence & di-versity, ownership structures, rights of minority shareholders, executive remuneration, and audit and accounting oversight.

For each Sustainability Indicator, companies are scored against defined performance thresholds and the indicators have sector-tailored weights to adjust their impact on the overall score. Companies must achieve an overall pass score to be eligible for investment.

More information about the strategies, indicators and data sets used to evaluate company’s sustainability performance can be found at vontobel.com/SFDR.

In addition, the Investment Manager has an over-riding “F-Score” whereby the potential investee company fails the as-sessment on any Sustainability Indicator(s) even if the com-pany would otherwise attain a pass mark. Thereby, there are hard redlines preventing investment in companies that have highly negative impact on society or the environment even where the business case is unaffected.

The implementation of the sustainability selection criteria, as described above, leads to the exclusion of at least 20% of po-tential investments via the exclusions applied to the starting universe plus the further sustainability screening of the Invest-ible Asia (ex. Japan) Universe. Main methodological limits are

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described in section 7 “Risk factors”. 100% of the securities in the Sub-Fund have had the sustainability selection criteria ap-plied to it.

The Sub-Fund further promotes environmental and social characteristics via active ownership, which the Investment Manager considers central to sustainable investing to achieve more sustainable outcomes for society and to support long-term risk adjusted returns for investors in the Sub-Fund. Di-rect engagements by the Sub-Fund typically target gross breaches of Sustainability Factors or high Sustainability Risks and/or material sustainability issues where disclosure is weak, thereby undermining the Sub-Fund’s ability to make an in-formed evaluation of Sustainability Risk or impact.

Compliance with the environmental, social and governance characteristics is monitored using news alert tools on an on-going basis and, in the event of severe incidents, the F-Score Framework was designed to provide a clear decision tree to assess severity of incidents and therefore rule on the need to divest or else to engage regarding the controversy. Each as-set in the portfolio has their sustainability performance period-ically reevaluated using the sustainability framework.

More information about the functioning of the sustainability in-vestment methodology, its integration in the investment pro-cess, the selection criteria as well as sustainability related pol-icies can be found on the website vontobel.com/SFDR.

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving

the investment objective, make use of derivative financial in-struments.

4 Issue, redemption and conversion of shares By way of derogation from the provisions of Sections 12 to 14 of the General Part, the subscription applications duly re-ceived on any Business Day (Subscription Day) shall be set-tled at the issue price calculated two Business Days after the Subscription Day. The payment of the issue price must be re-ceived by the Depositary within four Business Days following the Subscription Day.

The above provision applies to redemption and conversion applications mutatis mutandis.

5 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

6 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a long-term investment horizon, who wish to invest in a broadly diversified portfolio of shares and to achieve a rea-sonable investment return and high capital gains, while being aware of the associated price fluctuations.

7 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the

contents thereof prior to making any investment in the Sub-Fund.

Investments in bonds and equities are subject to price fluctua-tions at all times. Investments in foreign currencies are also subject to currency fluctuations.

The Sub-Fund’s sustainability investment process is expected to have a mitigating effect on Sustainability Risks and thereby is likely to reduce the overall risk profile of the Sub-Fund while seeking to improve its risk-adjusted returns.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU2054207381 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.650% 0.250% noLU1711394905 AHI (hedged) EUR distributing Institutional 0.010% - 06.11.2017 0.825% 0.825% noLU2079841750 G EUR accumulating Institutional 0.010% 50'000'000 06.12.2019 0.825% 0.650% noLU0384409693 H (hedged) EUR accumulating Retail 0.050% - 17.11.2008 2.000% 1.650% noLU0384409933 HI (hedged) EUR accumulating Institutional 0.010% - 17.11.2008 1.000% 0.825% noLU1683482589 HN (hedged) EUR accumulating Retail 0.050% - 09.10.2017 1.250% 0.825% noLU2250524761 I EUR accumulating Institutional 0.010% - 25.11.2020 0.825% 0.825% noLU1859548031 G GBP accumulating Institutional 0.010% 50'000'000 27.07.2018 0.825% 0.650% noLU2019989305 N GBP accumulating Retail 0.050% - 12.07.2019 1.250% 0.825% noLU1750111889 HI (hedged) SEK accumulating Institutional 0.010% - 19.01.2018 0.825% 0.825% noLU0384409180 A USD distributing Retail 0.050% - 17.11.2008 2.000% 1.650% noLU1984203791 AI USD distributing Institutional 0.010% - 07.05.2019 0.825% 0.825% noLU1683484361 AN USD distributing Retail 0.050% - 09.10.2017 1.250% 0.825% noLU0384409263 B USD accumulating Retail 0.050% - 17.11.2008 2.000% 1.650% noLU2177019705 B1 USD accumulating Retail 0.050% - 27.05.2020 2.250% 1.700% noLU2177019887 C1 USD accumulating Retail 0.050% - 27.05.2020 2.750% 2.250% noLU1859547652 G USD accumulating Institutional 0.010% 50'000'000 27.07.2018 0.825% 0.650% noLU0384410279 I USD accumulating Institutional 0.010% - 17.11.2008 1.000% 0.825% noLU1683484445 N USD accumulating Retail 0.050% - 10.10.2017 1.250% 0.825% noLU1806329998 NG USD accumulating Retail 0.050% 50'000'000 13.04.2018 0.825% 0.650% noLU0385070528 R USD accumulating Retail 0.050% - 17.11.2008 2.000% 0.250% noLU2146184358 S USD accumulating Institutional 0.010% - 14.04.2020 0.000% 0.000% noLU2177019960 U1 USD accumulating Retail 0.050% - 27.05.2020 1.250% 0.850% no

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The Sub-Fund follows a sustainability strategy and applies minimum exclusion criteria and certain internal ESG rating as-sessments, supported by external ESG rating assessments, which may affect the Sub-Funds investment performance positively or negatively since the execution of the ESG strat-egy may result in foregoing opportunities to buy certain secu-rities, and/or selling securities due to their ESG-related char-acteristics.

Main methodological limits In assessing the eligibility of an issuer based on ESG re-search, there is a dependence upon information and data from third party ESG data providers, and from issuers, and on internal analyses, which may be based on certain assump-tions or hypothesis. The data obtained from third-party data providers or issuers may be incomplete, inaccurate, or una-vailable and the assumptions or models on which internal analysis rests may have flaws which render the internal as-sessment incomplete or inaccurate. As a result, there exists a risk of incorrectly assessing a security or issuer, resulting in the incorrect inclusion or exclusion of a security. Considering that ESG data providers may change the evaluation of issuers or instruments at their discretion and from time to time due to ESG or other factors, updated information on the methodol-ogy used by the Sub-Fund’s current ESG data providers can be found on their websites. There is also a risk that the In-vestment Manager may not apply the relevant criteria of the ESG research correctly or that the Sub-Fund could have indi-rect exposure to issuers who do not meet the relevant criteria. These risks pose the main methodological limits to the sus-tainability strategy of the Sub-Fund. Neither the Fund, nor the Management Company nor the Investment Manager make any representation or warranty, express or implied, with re-spect to the fairness, correctness, accuracy, reasonableness or completeness of an assessment of ESG research and the correct execution of the ESG strategy.

8 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

9 Benchmark The Sub-Fund is actively managed. Its benchmark is the MSCI All Country Asia (ex Japan) TR net and is used to com-pare the performance of the Sub-Fund. For the purpose of performance comparison for hedged share classes, the benchmark in the reference currency of the Sub-Fund may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

The benchmark is not consistent with the environmental or social characteristics promoted by the Sub-Fund.

10 Historical performance The performance for each share class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

11 Exercise of membership rights The Management Company may exercise the membership rights associated with the investments of this Sub-Fund ac-tively, independently and exclusively in the interests of inves-tors. The exercise of membership rights encompasses both the exercise of voting and election rights and active engage-ment. Active engagement is understood to mean active and constructive dialogue with the companies in which the Sub-Fund invests.

The Management Company engages third party support in the exercise of its membership rights, namely, Hermes Equity Ownership Services Limited (HEOS), which specializes in the exercise of such rights, in particular by providing voting rec-ommendations and engaging with some investee companies via constructive, objectives-driven and continuous dialogue on ESG issues. Any membership rights exercised by HEOS are done so based on the principles agreed with the Management Company. These principles are compatible with the sustaina-ble investment policy pursued by this Sub-Fund. The Invest-ment Manager has a dedicated process in place to ensure it reacts to the voting alerts and reviews all voting recommenda-tions from Hermes EOS. The medium and long-term aim of voting and active engagement is to achieve improvements in corporate governance and in the areas of sustainable busi-ness and social, ethical and environmental responsibility, and thereby to bring about a potential increase in long-term share-holder value for the investor.

Discretion and subject-specific discussions are inherent char-acteristics of any engagement process (whether by HEOS or by the Sub-Fund directly). Investors should note that the re-sult of engagement processes may differ substantially from case to case and does not mean that any notable influence is exercised on the management of the companies concerned. Moreover, the Management Company may not dictate which companies HEOS chooses to engage with and on which ba-sis and therefore the percentage of the Sub-Fund that has some degree of engagement will vary from time to time. More information about the processes and criteria for voting and engagement adopted by Hermes Equity Ownership Services Limited can be found on its website.

Hermes Equity Ownership Services Limited will receive fees for its services that are estimated at approximately 0.05% per annum of the net assets of the Sub-Fund and will be borne by the Sub-Fund. Depending on the extent of the activities of Hermes Equity Ownership Services Limited, the actual fees charged to the Sub-Fund in a business year may be above or below the estimated amount.

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27 Vontobel Fund – mtx Sustainable Emerging Markets Leaders

1 Reference currency USD

2 Investment objective and policy Vontobel Fund – mtx Sustainable Emerging Markets Leaders (the Sub-Fund) aims to generate long-term capital growth and seeks to promote environmental or social characteristics by employing a number of safeguards and evaluating all invest-ments against sustainability criteria with hard thresholds re-quired to be met for inclusion. The Sub-Fund is categorized as Article 8 SFDR.

The starting investment universe is the Emerging Markets eq-uity markets. “mtx” is the sustainable equities team of the In-vestment Manager.

While respecting the principle of risk diversification, the Sub-Fund's assets are invested mainly in equities, equity-like transferable securities, participation certificates, etc. issued by companies that are based in or conduct the majority of their business in an emerging market and that include environmen-tal or social characteristics in their economic activities.

Emerging markets in connection with this Sub-Fund are all countries considered as such by the World Bank, the Interna-tional Finance Corporation or the United Nations or that are included in the MSCI Emerging Markets Index or the MSCI Frontier Markets (FM) Index. Irrespective of recognition by one of the abovementioned institutions, emerging markets also include: Brazil, Chile, China, Colombia, India, Indonesia, Malaysia, Mexico, Peru, the Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey, Hong Kong, Argentina, Uruguay, Venezuela, Singapore, Sri Lanka, Hungary, Egypt, the Czech Republic, Romania, Israel.

The Sub-Fund may invest up to 35% of its assets via Shang-hai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect in China A-Shares.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

The Investment Manager excludes from the investment uni-verse of the Sub-Fund, all companies producing controversial weapons, tobacco, and palm oil and companies who derive more than a de minimis percentage of revenues from the fol-lowing activities: nuclear energy, coal power or coal extrac-tion, oil sands, weapons related military contracting, or adult entertainment, as well as tobacco retailers but with a higher revenue share (please see vontobel.com/SFDR for up-to-date revenue thresholds for these excluded activities). These con-troversial sectors are excluded because they are not consid-ered economically successful in the long-term and/or because they cause harm to Sustainability Factors (in particular the en-vironment and public health and safety). The Sub-Fund also excludes companies that are evaluated to have failed interna-tional norms and standards (subject to certain specific criteria that allows companies scope to remediate the breach) as codified in the: i) UN Global Compact; ii) OECD Guidelines for

Multinational Enterprises; iii) UN Guiding Principles on Busi-ness and Human Rights; iv) International Labour Organiza-tion’s Conventions; as well as iv) underlying conventions and treaties of the above named codes and a long list of other in-ternational conventions, norms and instruments. Additionally, the Sub-Fund adheres to the official UN list of sanctioned countries in respect of oppressive regimes and do not invest in companies domiciled in such a country.

Based on systematic filtering of the remaining eligible invest-ment universe, the Investment Manager seeks to identify mar-ket-leading companies by analyzing fundamental data of the companies, such as return on invested capital and their mar-ket position. Companies that provide the best outcome after the completion of the above described stock selection pro-cess (Leaders) represent the investment pool for the Sub-Fund. Within this filtered investment universe of Leaders, the Investment Manager conducts additional financial modeling. The outcome of such modelling is a sub-pool of Leaders that are considered potentially eligible for investment, so called the Investible EM Universe. Sustainability (environmental, so-cial and governance (ESG)) assessments are conducted on the Investible EM Universe.

The Investment Manager’s sustainability investment process consists of detailed, systematic qualitative and quantitative analysis of a potential investee’s Sustainability Risks and Sustainability Factors (collectively Sustainability Indicators).

Integrating Sustainability Indicators is a central pillar in the in-vestment process with the aim of improving the long-term risk-return characteristics of the Sub-Fund’s portfolio and sup-porting elevated social or environmental practices by the in-vestee companies. The Investment Manager is motivated by the understanding that its investments have the potential to affect society and the environment, and that such investments are affected by society and the environment. The sustainabil-ity approach avoids investments in issuers who demonstrate, through various criteria, that they are underprepared to avoid material Sustainability Risks and identifies issuers that seek to include environmental or social characteristics in their eco-nomic activities (as have been evaluated to be most material according to the company’s principle business sector). As such, both the risk profile of the Sub-Fund’s portfolio is en-hanced and the Sub-Fund selects companies who are better at managing their real world impacts.

The investee companies are rated for governance aspects us-ing the Investment Manager’s sustainability framework. Com-mon governance indicators include board independence & di-versity, ownership structures, rights of minority shareholders, executive remuneration, and audit and accounting oversight.

For each Sustainability Indicator, companies are scored against defined performance thresholds and the indicators have sector-tailored weights to adjust their impact on the overall score. Companies must achieve an overall pass score to be eligible for investment.

More information about the strategies, indicators and data sets used to evaluate company’s sustainability performance can be found at vontobel.com/SFDR.

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In addition, the Investment Manager has an over-riding “F-Score” whereby the potential investee company fails the as-sessment on any Sustainability Indicator(s) even if the com-pany would otherwise attain a pass mark. Thereby, there are hard redlines preventing investment in companies that have highly negative impact on society or the environment even where the business case is unaffected.

The implementation of the sustainability selection criteria, as described above, leads to the exclusion of at least 20% of po-tential investments via the exclusions applied to the starting universe plus the further sustainability screening of the Invest-ible EM Universe. Main methodological limits are described in section 7 “Risk factors”. 100% of the securities in the Sub-Fund have had the sustainability selection criteria applied to it.

The Sub-Fund further promotes environmental and social characteristics via active ownership, which the Investment Manager considers central to sustainable investing to achieve more sustainable outcomes for society and to support long-term risk adjusted returns for investors in the Sub-Fund. Di-rect engagements by the Sub-Fund typically target gross breaches of Sustainability Factors or high Sustainability Risks and/or material sustainability issues where disclosure is weak, thereby undermining the Sub-Fund’s ability to make an in-formed evaluation of Sustainability Risk or impact.

Compliance with the environmental, social and governance characteristics is monitored using news alert tools on an on-going basis and, in the event of severe incidents, the F-Score Framework was designed to provide a clear decision tree to assess severity of incidents and therefore rule on the need to divest or else to engage regarding the controversy. Each as-set in the portfolio has their sustainability performance period-ically reevaluated using the sustainability framework.

More information about the functioning of the sustainability in-vestment methodology, its integration in the investment pro-cess, the selection criteria as well as sustainability related pol-icies can be found on the website vontobel.com/SFDR.

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments.

4 Issue, redemption and conversion of shares By way of derogation from the provisions of Sections 12 to 14 of the General Part, the subscription applications duly re-ceived on any Business Day (Subscription Day) shall be set-tled at the issue price calculated two Business Days after the Subscription Day. The payment of the issue price must be re-ceived by the Depositary within four Business Days following the Subscription Day.

The above provision applies to redemption and conversion applications mutatis mutandis.

5 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

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The exact amount of remuneration paid is provided in the semi-annual and annual report.

6 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a long-term investment horizon, who wish to invest in a broadly diversified portfolio of shares and to achieve a rea-sonable investment return and high capital gains, while being aware of the associated price fluctuations.

7 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Investments may be made in countries where the local stock exchanges may not yet qualify as recognized stock exchanges within the meaning of the investment re-strictions set out in this Sales Prospectus;

– Accordingly, pursuant to the investment and borrowing restrictions defined in section 9 of the General Part, in-vestments in securities listed on stock exchanges which do not qualify as recognized exchanges or markets and other non-listed investments may not exceed 10% of the net assets of each of these Sub-Funds;

– This Sub-Fund's investments may be subject to a higher degree of risk. The stock markets and the economies of emerging markets are generally volatile. This Sub-Fund's investments in certain emerging markets may also be ad-versely affected by political developments and/or

changes in local laws, taxes and exchange controls. Fi-nally, in some countries, it is difficult to clearly identify what conditions of ownership apply to certain companies as a result of ongoing privatization processes;

– The procedures for settling securities transactions are associated with higher risks in the emerging markets than in developed markets. These higher risks are partly due to the fact that the Sub-Fund must use brokers and counterparties which do not have a very high level of capitalization, and the safekeeping of assets may in some countries be undependable, so that upon subscrip-tion or redemption, Fund shares may be worth less, or more, than at the time they were created.

– Investments in equities are subject to price fluctuations at all times. Investments in foreign currencies are also sub-ject to currency fluctuations.

– The Sub-Fund’s sustainability investment process is ex-

pected to have a mitigating effect on Sustainability Risks and thereby is likely to reduce the overall risk profile of the Sub-Fund while seeking to improve its risk-adjusted returns.

The Sub-Fund follows a sustainability strategy and ap-plies minimum exclusion criteria and certain internal ESG rating assessments, supported by external ESG rating assessments, which may affect the Sub-Funds invest-ment performance positively or negatively since the exe-

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1550202615 HI (hedged) CHF accumulating Institutional 0.010% - 28.02.2017 1.000% 0.825% noLU1725744830 HN (hedged) CHF accumulating Retail 0.050% - 04.12.2017 1.250% 0.825% noLU2054207464 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.650% 0.250% noLU1892255636 AG EUR distributing Institutional 0.010% 50'000'000 29.10.2018 0.825% 0.650% noLU1725744087 AH (hedged) EUR distributing Retail 0.050% - 01.12.2017 1.650% 1.650% noLU1711395035 AHI (hedged) EUR distributing Institutional 0.010% - 06.11.2017 0.825% 0.825% noLU1717117979 AI EUR distributing Institutional 0.010% - 24.11.2017 0.825% 0.825% noLU2066060703 AQG EUR distributing Institutional 0.010% 50'000'000 13.11.2019 0.825% 0.650% noLU2066060612 AQNG EUR distributing Retail 0.050% 50'000'000 13.11.2019 0.825% 0.650% noLU1964740309 ASX EUR distributing Institutional 0.010% 50'000'000 22.03.2019 0.825% 0.650% noLU2028144173 B EUR accumulating Retail 0.050% - 28.08.2019 1.650% 1.650% noLU2362693702 G EUR accumulating Institutional 0.010% 50'000'000 14.07.2021 0.825% 0.650% noLU1646585114 H (hedged) EUR accumulating Retail 0.050% - 11.08.2017 2.000% 1.650% noLU1651443415 HC (hedged) EUR accumulating Retail 0.050% - 11.08.2017 3.000% 2.250% noLU1650589762 HI (hedged) EUR accumulating Institutional 0.010% - 08.08.2017 1.000% 0.825% noLU1936213682 HN (hedged) EUR accumulating Retail 0.050% - 30.01.2019 1.250% 0.825% noLU1626216888 I EUR accumulating Institutional 0.010% - 16.06.2017 1.000% 0.825% noLU1918004273 N EUR accumulating Retail 0.050% - 20.12.2018 1.250% 0.825% noLU1717118191 AN GBP distributing Retail 0.050% - 24.11.2017 1.250% 0.825% noLU2066060539 AQG GBP distributing Institutional 0.010% 50'000'000 13.11.2019 0.825% 0.650% noLU2066060455 AQNG GBP distributing Retail 0.050% 50'000'000 13.11.2019 0.825% 0.650% noLU1618348582 N GBP accumulating Retail 0.050% - 31.05.2017 1.500% 0.825% noLU1602272657 B SEK accumulating Retail 0.050% - 10.05.2017 2.000% 1.650% noLU0571085330 A USD distributing Retail 0.050% - 15.07.2011 2.000% 1.650% noLU1993004743 AG USD distributing Institutional 0.010% 50'000'000 15.05.2019 0.825% 0.650% noLU1609308298 AI USD distributing Institutional 0.010% - 18.05.2017 1.250% 0.825% noLU1683485681 AN USD distributing Retail 0.050% - 10.10.2017 1.250% 0.825% noLU2066060968 AQG USD distributing Institutional 0.010% 50'000'000 13.11.2019 0.825% 0.650% noLU2066060885 AQNG USD distributing Retail 0.050% 50'000'000 13.11.2019 0.825% 0.650% noLU0571085413 B USD accumulating Retail 0.050% - 15.07.2011 2.000% 1.650% noLU1882611756 B1 USD accumulating Retail 0.050% - 04.10.2018 2.250% 1.700% noLU1651443332 C USD accumulating Retail 0.050% - 11.08.2017 3.000% 2.250% noLU1882611830 C1 USD accumulating Retail 0.050% - 04.10.2018 2.750% 2.250% noLU1767066605 G USD accumulating Institutional 0.010% 50'000'000 15.03.2018 0.825% 0.650% noLU0571085686 I USD accumulating Institutional 0.010% - 15.07.2011 1.000% 0.825% noLU1626216961 N USD accumulating Retail 0.050% - 16.06.2017 1.500% 0.825% noLU0571092898 R USD accumulating Retail 0.050% - 15.07.2011 2.000% 0.250% noLU1572142096 S USD accumulating Institutional 0.010% - 28.02.2017 0.000% 0.000% noLU1882611913 U1 USD accumulating Retail 0.050% 04.10.2018 1.250% 0.850% no

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cution of the ESG strategy may result in foregoing oppor-tunities to buy certain securities, and/or selling securities due to their ESG-related characteristics.

Main methodological limits In assessing the eligibility of an issuer based on ESG re-search, there is a dependence upon information and data from third party ESG data providers, and from issuers, and on internal analyses, which may be based on certain assumptions or hypothesis. The data obtained from third-party data providers or issuers may be incomplete, inac-curate, or unavailable and the assumptions or models on which internal analysis rests may have flaws which ren-der the internal assessment incomplete or inaccurate. As a result, there exists a risk of incorrectly assessing a se-curity or issuer, resulting in the incorrect inclusion or ex-clusion of a security. Considering that ESG data provid-ers may change the evaluation of issuers or instruments at their discretion and from time to time due to ESG or other factors, updated information on the methodology used by the Sub-Fund’s current ESG data providers can be found on their websites. There is also a risk that the Investment Manager may not apply the relevant criteria of the ESG research correctly or that the Sub-Fund could have indirect exposure to issuers who do not meet the relevant criteria. These risks pose the main methodologi-cal limits to the sustainability strategy of the Sub-Fund. Neither the Fund, nor the Management Company nor the Investment Manager make any representation or war-ranty, express or implied, with respect to the fairness, correctness, accuracy, reasonable-ness or completeness of an assessment of ESG research and the correct exe-cution of the ESG strategy.

8 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

9 Benchmark The Sub-Fund is actively managed. Its benchmark is the MSCI Emerging Markets TR net and is also used to compare the performance of the Sub-Fund. For the purpose of perfor-mance comparison for hedged share classes, the benchmark in the reference currency of the Sub-Fund may be used..

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

The benchmark is not consistent with the environmental or social characteristics promoted by the Sub-Fund.

10 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

11 Exercise of membership rights The Management Company may exercise the membership rights associated with the investments of this Sub-Fund ac-tively, independently and exclusively in the interests of inves-tors. The exercise of membership rights encompasses both the exercise of voting and election rights and active engage-ment. Active engagement is understood to mean active and

constructive dialogue with the companies in which the Sub-Fund invests.

The Management Company engages third party support in the exercise of its membership rights, namely, Hermes Equity Ownership Services Limited (HEOS), which specializes in the exercise of such rights, in particular by providing voting rec-ommendations and engaging with some investee companies via constructive, objectives-driven and continuous dialogue on ESG issues. Any membership rights exercised by HEOS are done so based on the principles agreed with the Management Company. These principles are compatible with the sustaina-ble investment policy pursued by this Sub-Fund. The Invest-ment Manager has a dedicated process in place to ensure it reacts to the voting alerts and reviews all voting recommenda-tions from Hermes EOS. The medium and long-term aim of voting and active engagement is to achieve improvements in corporate governance and in the areas of sustainable busi-ness and social, ethical and environmental responsibility, and thereby to bring about a potential increase in long-term share-holder value for the investor.

Discretion and subject-specific discussions are inherent char-acteristics of any engagement process (whether by HEOS or by the Sub-Fund directly). Investors should note that the re-sult of engagement processes may differ substantially from case to case and does not mean that any notable influence is exercised on the management of the companies concerned. Moreover, the Management Company may not dictate which companies HEOS chooses to engage with and on which ba-sis and therefore the percentage of the Sub-Fund that has some degree of engagement will vary from time to time. More information about the processes and criteria for voting and engagement adopted by Hermes Equity Ownership Services Limited can be found on its website.

Hermes Equity Ownership Services Limited will receive fees for its services that are estimated at approximately 0.05% per annum of the net assets of the Sub-Fund and will be borne by the Sub-Fund. Depending on the extent of the activities of Hermes Equity Ownership Services Limited, the actual fees charged to the Sub-Fund in a business year may be above or below the estimated amount.

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28 Vontobel Fund – Smart Data Equity 1 Reference currency USD

2 Investment objective and policy Vontobel Fund – Smart Data Equity (the Sub-Fund) aims to achieve the highest possible capital growth in USD.

While respecting the principle of risk diversification, the Sub-Fund's assets are mainly invested in shares, equity-like trans-ferable securities, participation certificates, etc. issued by companies worldwide that make a contribution to sustainable economic activity and have a leading position within their sec-tor.

The Sub-Fund may invest up to 20% of its assets via Shang-hai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect in China A-Shares.

The investment decision-making process pursued by the In-vestment Manager of the Sub-Fund is based on fundamental analysis of the companies belonging to the investment uni-verse. A significant part of this process is based on the propri-etary “smart data approach” which uses and combines a large set of fundamental company data servicing as a decision base for the Investment Manager in its stock selection and portfolio monitoring process.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may invest up to 10% of its assets in UCITS and/or other UCIs. Suitable UCITS and/or other UCIs may in-clude undertakings for collective investment managed by a company belonging to the Vontobel Group.

The Sub-Fund may also hold cash.

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a long-term investment horizon, who wish to invest in a broadly diversified portfolio of shares and to achieve a rea-sonable investment return and high capital gains, while being aware of the associated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Investments in bonds and equities are subject to price fluctua-tions at all times. Investments in foreign currencies are also subject to currency fluctuations.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to external ESG research and integrates financially material Sustainability Risks into its investment decision-making pro-cesses. More information on the sustainable investment pol-icy, and on how the sustainable investment policy is imple-mented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0848326186 H (hedged) CHF accumulating Retail 0.050% - 17.12.2012 2.000% 1.500% noLU0848326772 HI (hedged) CHF accumulating Institutional 0.010% - 10.04.2014 1.000% 0.750% noLU1683482233 HN (hedged) CHF accumulating Retail 0.050% - 04.10.2017 1.500% 0.750% noLU2054207548 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 2.000% 0.250% noLU0848326269 H (hedged) EUR accumulating Retail 0.050% - 17.12.2012 2.000% 1.500% noLU0848326855 HI (hedged) EUR accumulating Institutional 0.010% - 10.04.2014 1.000% 0.750% noLU1179465684 HN (hedged) EUR accumulating Retail 0.050% - 10.02.2015 1.500% 0.750% noLU1179465338 HN (hedged) GBP accumulating Retail 0.050% - 10.02.2015 1.500% 0.750% noLU0848325295 A USD distributing Retail 0.050% - 13.12.2012 2.000% 1.500% noLU1683487547 AN USD distributing Retail 0.050% - 12.10.2017 1.500% 0.750% noLU0848325378 B USD accumulating Retail 0.050% - 13.12.2012 2.000% 1.500% noLU0848325618 I USD accumulating Institutional 0.010% - 13.12.2012 1.000% 0.750% noLU0848325709 N USD accumulating Retail 0.050% - 10.02.2015 1.500% 0.750% noLU0848325881 R USD accumulating Retail 0.050% - 13.12.2012 2.000% 0.250% no

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8 Benchmark The Sub-Fund is actively managed. Its benchmark is the MSCI All Country World Index TR net and is used to compare the performance of the Sub-Fund. For the purpose of perfor-mance comparison for hedged share classes, the benchmark in the reference currency of the Sub-Fund may be used..

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

10 Exercise of membership rights The Management Company may exercise the membership rights associated with the investments of this Sub-Fund ac-tively, independently and exclusively in the interests of inves-tors. It has delegated the exercise of membership rights to a company which specializes in the exercise of such rights. Membership rights are exercised on the basis of the principles stipulated by the Management Company. These principles are compatible with the sustainable investment policy pursued by this Sub-Fund.

The exercise of membership rights encompasses both the ex-ercise of voting and election rights and active engagement. Active engagement is understood to mean active and con-structive dialogue with the companies in which the Sub-Fund invests.

The medium and long-term aim of voting and active engage-ment is to achieve improvements in corporate governance and in the areas of sustainable business and social, ethical and environmental responsibility, etc., and thereby to bring about a potential increase in shareholder value for the inves-tor.

The Board of Directors has allowed Hermes Equity Owner-ship Services Limited to exercise these membership rights ac-cordingly, though this does not mean that any notable influ-ence is exercised on the management of the companies concerned.

Hermes Equity Ownership Services Limited will receive fees for its services that are estimated at approximately 0.05% per annum of the net assets of the Sub-Fund and will be borne by the Sub-Fund. Depending on the extent of the activities of Hermes Equity Ownership Services Limited, the actual fees charged to the Sub-Fund in a business year may be above or below the estimated amount.

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29 Vontobel Fund – Commodity 1 Reference currency USD

2 Investment objective and policy Vontobel Fund – Commodity (the “Sub-Fund”) aims to achieve sustainable investment returns in USD.

While respecting the principle of risk diversification, the Sub-Fund's assets are invested mainly in the following instru-ments:

Derivatives (i.e. swaps, forward contracts, futures, op-tions, certificates, structured products and bonds) whose value is derived from the following underlyings:

commodity market indices that provide an adequate point of reference for the market upon which they are based and that are published in an appropriate manner. The Sub-Fund will be exposed to indices which are mainly benchmark indices for the commodity market. The benchmark indices will be indices from the Bloomberg Commodity Indexes series and/or their sub-indices. How-ever, other indices may also be used as benchmark indi-ces. Up to 100% of the Sub-Fund's net assets may be exposed to the performance of a benchmark index. Both long and short positions on indices may be entered into, which may affect the Sub-Fund's exposure to certain commodities.

exchange-traded commodities or corresponding certifi-cates based on commodity market indices that are traded on a Regulated Market or another market that is recognized, regulated and open to the public and oper-ates in a due and orderly fashion, or is admitted for offi-cial trading on the securities exchange of a non-member state. Both long and short positions may be entered into on exchange-traded commodities and corresponding cer-tificates. This may affect the Sub-Fund's exposure to cer-tain commodities.

b) Debt paper or bank deposits that cover obligations arising from derivatives as set out above, including (i) debt secu-rities with a residual maturity of up to thirty months that are issued by private and public borrowers worldwide, (ii) money market instruments issued by private and public borrowers worldwide, and (iii) sight and time deposits held with banks of up to twelve months.

The Sub-Fund may also be exposed to the development of the commodities sector via investments in UCITS or other UCIs within the permitted limits including undertakings for col-lective investment managed by a company belonging to the Vontobel Group. No more than 10% of the Sub-Fund's assets may be invested in UCITS and other UCIs at any time.

The Sub-Fund may also invest in structured products that are related to liquid financial investments, such as securities is-sued by companies that operate in the commodities sector, other permissible undertakings for collective investment and permissible derivatives within the meaning of Article 41 (1) of the 2010 Law.

The Sub-Fund shall not at any time make an investment in derivatives whose underlying securities are themselves com-modities.

These types of investment provide the Sub-Fund with an op-portunity to tap into the growth potential of the commodity markets. The Sub-Fund shall therefore also be indirectly ex-posed to developments on the energy, industrial metals, pre-cious metals, agriculture and livestock markets.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

The evaluation and selection of benchmark indices to which the Sub-Fund is exposed or in which the Sub-Fund invests is conducted using various criteria, which include

an assessment of the potential return of a planned invest-ment, past performance, strategy pursued;

an estimation of the risks and the volatility to which the in-vestment is expected to be exposed over time;

the liquidity of an investment, including the tradability of a benchmark index and the assets in which a target fund in-vests;

an assessment of how each investment strategy would be affected by likely economic scenarios;

an assessment of the correlation between the perfor-mance of a benchmark index or a target fund and the Sub-Fund's other investments;

an evaluation of the costs associated with using a specific benchmark index or with investing in a target fund, such as fees and transaction costs;

an assessment of a target fund manager's characteristics, based on integrity, professional career, dedication, flexibil-ity, expertise, management skills, relationships and talent.

The Investment Manager shall employ various methods to monitor the performance of the benchmark indices, the target funds, the derivatives and the structured products to which the Fund's assets have been allocated. Particular attention is given to monitoring changes in a benchmark index or in the structure and organization of the fund managers for the target funds, material deviations from the given reference values, changes in the correlation between portfolio values and changes in the mechanism of a benchmark index as well as the investment style of the target funds.

The Sub-Fund may also raise its level of cash temporarily during periods in which the Investment Manager deems it ad-visable to do so for financial or political reasons, or if the op-portunities for capital growth are limited.

The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging) and achieving the investment objective, make use of derivative financial instruments, traded on an exchange or over-the-counter. The derivatives shall include, but shall not be limited to, forwards and futures, including FX contracts, options and swaps, including total return swaps ("TRS").

The commodity derivative exposure is obtained through total return swaps on eligible structured products, like delta-one exchange traded commodities, and eligible diversified indices.

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The strategy is to exactly replicate the benchmark and then to overweight and underweight single commodities, or to over-weight and underweight one or the other commodity sector, or to take advantage of the term structure in comparison to the benchmark:

1. The benchmark performance is replicated by a 100% ex-posure via a swap on the benchmark index (this may be split into several swaps allocated to different counterpar-ties).

2. The overweights and underweights are obtained by a combination of swaps on eligible diversified indices and swaps on eligible delta-one exchange traded commodity providing exposure to a single commodity component (i.e. exposure to a single commodity future).

3 Use of Total Return Swaps TRS form an important part of the investment approach of the Sub-Fund. Types of underlyings to TRS may include underly-ings as described in 2. (a) (i) and (ii).

The Sub-Fund exposure to TRS expressed as the sum of no-tionals is expected to range between 700% and 1100% of the

net assets of the Sub-Fund. In cases where this range is ex-ceeded, exposures should remain below 1250%.

All revenues (less transaction costs) from TRS are accrued to the Sub-Fund.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a medium to long-term investment horizon who wish to invest in commodity markets using derivative financial instru-ments and accept the risks associated with an investment in the commodity markets as well as those associated with con-cluding derivative transactions.

Investors should be aware that their investments may in-crease or decrease in value. There is no guarantee that in-vestors will be able to recoup the original amount invested.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Commodity investments may be subject to considerable volatility and exposed to sudden fluctuations over a long period. Price movements are due, in part, to the following factors: shifting supply and demand conditions; weather, food controls, trade restrictions, tax and monetary re-

strictions and limits governing currency exchange; politi-cal and economic influences, changes in national and in-ternational interest and inflation rates, currency devalua-tion and revaluation; as well as general market sentiment. Various commodity markets may also be sub-ject to direct government intervention. Such intervention may cause the prices of various commodities to be ex-tremely volatile.

– Investments in derivatives and bonds are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctuations.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to external and internal ESG research and integrates financially material Sustainability Risks into its investment decision-making processes. More in-formation on the sustainable investment policy, and on how the sustainable investment policy is implemented in

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0415415479 H (hedged) CHF accumulating Retail 0.050% - 25.04.2007 1.650% 1.500% noLU0415416287 HI (hedged) CHF accumulating Institutional 0.010% - 16.02.2009 0.825% 0.750% noLU1683488941 HN (hedged) CHF accumulating Retail 0.050% - 13.10.2017 1.250% 0.750% noLU0692735565 HS (hedged) CHF accumulating Institutional 0.010% - 31.10.2011 0.000% 0.000% noLU0415415636 H (hedged) EUR accumulating Retail 0.050% - 14.05.2008 1.650% 1.500% noLU0415416444 HI (hedged) EUR accumulating Institutional 0.010% - 03.07.2009 0.825% 0.750% noLU1683489089 HN (hedged) EUR accumulating Retail 0.050% - 13.10.2017 1.250% 0.750% noLU1495972553 G GBP accumulating Institutional 0.010% 50'000'000 30.09.2016 0.825% 0.500% noLU0505242726 H (hedged) SEK accumulating Retail 0.050% - 18.11.2010 1.650% 1.500% noLU0505242999 HI (hedged) SEK accumulating Institutional 0.010% - 21.06.2011 0.825% 0.750% noLU0415414829 B USD accumulating Retail 0.050% - 04.04.2007 1.650% 1.500% noLU0415415123 C USD accumulating Retail 0.050% - 18.09.2009 2.650% 2.100% noLU1912801211 G USD accumulating Institutional 0.010% 50'000'000 28.11.2018 0.825% 0.500% noLU0415415800 I USD accumulating Institutional 0.010% - 07.01.2009 0.825% 0.750% noLU1683488867 N USD accumulating Retail 0.050% - 13.10.2017 1.250% 0.750% noLU0415416790 R USD accumulating Retail 0.050% - 30.04.2008 1.650% 0.250% no

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this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

Investors should also note section 9.3 o) of the General Part.

7 Risk classification The Sub-Fund will apply the relative value at risk method (rel-ative VaR) to determine the global risk entailed in its invest-ments.

The risk measure may not exceed double the value of the Sub-Fund's benchmark portfolio. The Bloomberg Commodity Index TR is used as a benchmark portfolio.

The leverage achieved for investment purposes in the Sub-Fund through the use of derivative financial instruments is cal-culated using the notional approach. The average leverage achieved over the course of the year is expected to be around 900% or less of the net assets of the Sub-Fund. However, the actual leverage achieved on average may be above or below this value. The maximum leverage should not exceed 1250%. Also, it is to be noted that the levels of leverage might vary quite significantly over time depending on market environ-ment, where the Investment Manager may decide to increase the Sub-Fund's use of derivatives either to hedge market risks or benefit from investment opportunities. Although this value must be stated, it does not permit any meaningful inference to be drawn as to the risk generated by the leverage.

Several effects are leading to the expected level of leverage of 900%:

– FX forwards used for share class hedging account to about 60% to 90% of leverage;

– Every swap trade opens a new swap even if it is offset-ting or closing an existing position; consequently be-tween roll dates each new swap trade on exchange traded commodities and on diversified indices, or each new FX forward trade, in order to change allocations me-chanically increases the sum of notionals, even though they do not lead to an increase in the market risk taken by the Sub-Fund.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the Bloomberg Commodity Index TR and is also used to compare the performance of the Sub-Fund. For the purpose of perfor-mance comparison for hedged share classes, a hedged vari-ant of the benchmark in the relevant share class currency may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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30 Vontobel Fund – Dynamic Commodity

1 Reference currency USD

2 Investment objective and policy Vontobel Fund – Dynamic Commodity (the Sub-Fund) aims to achieve sustainable investment returns in USD.

While respecting the principle of risk diversification, the Sub-Fund's assets are invested mainly in the following instru-ments:

Derivatives (i.e. swaps, forward contracts, futures, op-tions, certificates, structured products and bonds) whose value is derived from the following underlyings:

commodity market indices that provide an adequate point of reference for the market upon which they are based and that are published in an appropriate manner. Deriva-tives may also be used to enter into net leverage posi-tions and relative value positions in relation to the com-modity indices and their index components. The Sub-Fund will be exposed to indices which are mainly bench-mark indices for the commodity market. The benchmark indices will be indices from the Bloomberg Commodity Indexes series and/or their sub-indices. However, other indices may also be used as benchmark indices. Both long and short positions on indices may be entered into, which may affect the Sub-Fund's exposure to certain commodities.

exchange-traded commodities or corresponding certifi-cates based on commodity market indices that are traded on a Regulated Market or another market that is recognized, regulated and open to the public and oper-ates in a due and orderly fashion, or is admitted for offi-cial trading on the securities exchange of a non-member state. Both long and short positions may be entered into on ex-change-traded commodities and corresponding certificates. This may affect the Sub-Fund's exposure to certain commodities.

Debt paper or bank deposits that cover obligations arising from derivatives as set out above, including (i) debt secu-rities with a residual maturity of up to thirty months that are issued by private and public borrowers worldwide, (ii) money market instruments issued by private and public borrowers worldwide, and (iii) sight and time deposits held with banks of up to twelve months.

The Sub-Fund may also be exposed to the development of the commodities sector via investments in UCITS or other UCIs within the permitted limits including undertakings for col-lective investment managed by a company belonging to the Vontobel Group. No more than 10% of the Sub-Fund's assets may be invested in UCITS and other UCIs at any time.

The Sub-Fund may also invest in structured products that are related to liquid financial investments, such as securities is-sued by companies that operate in the commodities sector, other permissible undertakings for collective investment and permissible derivatives within the meaning of Article 41 (1) of the 2010 Law.

The Sub-Fund shall not at any time make an investment in derivatives whose underlying securities are themselves com-modities.

These types of investment provide the Sub-Fund with an op-portunity to tap into the growth potential of the commodity markets. The Sub-Fund shall therefore also be indirectly ex-posed to developments on the energy, industrial metals, pre-cious metals, agriculture and livestock markets.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

The evaluation and selection of benchmark indices to which the Sub-Fund is exposed or in which the Sub-Fund invests is conducted using various criteria, which include

an assessment of the potential return of a planned invest-ment, past performance, strategy pursued;

an estimation of the risks and the volatility to which the in-vestment is expected to be exposed over time;

the liquidity of an investment, including the tradability of a benchmark index and the assets in which a target fund in-vests;

an assessment of how each investment strategy would be affected by likely economic scenarios;

an assessment of the correlation between the perfor-mance of a benchmark index or a target fund and the Sub-Fund's other investments;

an evaluation of the costs associated with using a specific benchmark index or with investing in a target fund, such as fees and transaction costs;

an assessment of a target fund manager's characteristics, based on integrity, professional career, dedication, flexibil-ity, expertise, management skills, relationships and talent.

The Investment Manager shall employ various methods to monitor the performance of the benchmark indices, the target funds, the derivatives and the structured products to which the Fund's assets have been allocated. Particular attention is given to monitoring changes in a benchmark index or in the structure and organization of the fund managers for the target funds, material deviations from the given reference values, changes in the correlation between portfolio values and changes in the mechanism of a benchmark index as well as the investment style of the target funds.

The Sub-Fund may also raise its level of cash temporarily during periods in which the Investment Manager deems it ad-visable to do so for financial or political reasons, or if the op-portunities for capital growth are limited.

The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging) and achieving the investment objective, make use of derivative financial instruments, traded on an exchange or over-the-counter. The derivatives shall include, but shall not be limited to, forwards and futures, including FX contracts, options and swaps, including total return swaps ("TRS").

The commodity derivative exposure is obtained through total return swaps on eligible structured products, like delta-one exchange traded commodities, and eligible diversified indices.

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The strategy is to exactly replicate the benchmark and then to overweight and underweight single commodities, or to over-weight and underweight one or the other commodity sector, or to take advantage of the term structure in comparison to the benchmark:

1. The benchmark performance is replicated by a 100% exposure via a swap on the benchmark index (this may be split into several swaps allocated to different counterparties).

2. The overweights and underweights are obtained by a combination of swaps on eligible diversified indices and swaps on eligible delta-one exchange traded commodity providing exposure to a single commodity component (i.e. exposure to a single commodity future).

3. The Sub-Fund is given a wide leeway to overweight and underweight one or the other commodity sector, which provides it with a dynamic edge.

3 Use of Total Return Swaps TRS form an important part of the investment approach of the Sub-Fund.

Types of underlyings to TRS may include underlyings as de-scribed in 2. (a) (i) and (ii).

The Sub-Fund exposure to TRS expressed as the sum of no-tionals is expected to range between 1300% and 1700% of the net assets of the Sub-Fund. In cases where this range is exceeded, exposures should remain below 1900%.

All revenues (less transaction costs) from TRS are accrued to the Sub-Fund.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a medium to long-term investment horizon who wish to invest in commodity markets using derivative financial instru-ments and accept and are familiar with the risks associated with an investment in the commodity markets as well as those associated with concluding derivative transactions.

Investors should be aware that their investments may in-crease or decrease in value. There is no guarantee that in-vestors will be able to recoup the original amount invested.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Commodity investments may be subject to considerable volatility and exposed to sudden fluctuations over a long period. Price movements are due, in part, to the following factors: shifting supply and demand conditions; weather, food controls, trade restrictions, tax and monetary re-strictions and limits governing currency exchange; politi-

cal and economic influences, changes in national and in-ternational interest and inflation rates, currency devalua-tion and revaluation; as well as general market senti-ment. Various commodity markets may also be subject to direct government intervention. Such intervention may cause the prices of various commodities to be extremely volatile.

– Investments in derivatives and bonds are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctuations.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to external and internal ESG research and integrates financially material Sustainability Risks into its investment decision-making processes. More in-formation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU0759371999 H (hedged) CHF accumulating Retail 0.050% - 02.05.2012 1.650% 1.500% noLU0759372450 HI (hedged) CHF accumulating Institutional 0.010% - 02.05.2012 0.825% 0.750% noLU1683488784 HN (hedged) CHF accumulating Retail 0.050% - 13.10.2017 1.250% 0.750% noLU0759372021 H (hedged) EUR accumulating Retail 0.050% - 02.05.2012 1.650% 1.500% noLU0759372534 HI (hedged) EUR accumulating Institutional 0.010% - 02.05.2012 0.825% 0.750% noLU1683488602 HN (hedged) EUR accumulating Retail 0.050% - 13.10.2017 1.250% 0.750% noLU2168325152 S EUR accumulating Institutional 0.010% - 19.05.2020 0.000% 0.000% noLU0759371569 B USD accumulating Retail 0.050% - 02.05.2012 1.650% 1.500% noLU0759372880 I USD accumulating Institutional 0.010% - 02.05.2012 0.825% 0.750% noLU1683488511 N USD accumulating Retail 0.050% - 13.10.2017 1.250% 0.750% noLU0759372963 R USD accumulating Retail 0.050% - 15.11.2013 1.650% 0.250% noLU0759376105 S USD accumulating Institutional 0.010% - 06.02.2015 0.000% 0.000% no

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The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

Investors should also note section 9.3 (o) "Use of derivatives" of the General Part.

7 Risk classification The Sub-Fund will apply the relative value at risk method (rel-ative VaR) to determine the global risk entailed in its invest-ments.

The risk measure will not exceed double the value of the Sub-Fund's benchmark portfolio. The Bloomberg Commodity In-dex TR is used as a benchmark portfolio.

The leverage achieved for investment purposes in the Sub-Fund through the use of derivative financial instruments is cal-culated using the notional approach. The average leverage achieved over the course of the year is expected to be around 1500% or less of the net assets of the Sub-Fund. However, the actual leverage achieved on average may be above or be-low this value. The maximum leverage should not exceed 1900%. Also, it is to be noted that the levels of leverage might vary quite significantly over time depending on market envi-ronment, where the Investment Manager may decide to in-crease the Sub-Fund's use of derivatives either to hedge mar-ket risks or benefit from investment opportunities. Although this value must be stated, it does not permit any meaningful inference to be drawn as to the risk generated by the lever-age.

Several effects are leading to the expected level of leverage of 1500%:

– FX forwards used for share class hedging account to about 60% to 90% of leverage;

– Every swap trade opens a new swap even if it is offset-ting or closing an existing position; consequently be-tween roll dates each new swap trade on exchange traded commodities and on diversified indices, or each new FX forward trade, in order to change allocations me-chanically increases the sum of notionals, even though they do not lead to an increase in the market risk taken by the Sub-Fund.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the Bloomberg Commodity Index TR and is also used to compare the performance of the Sub-Fund. For the purpose of perfor-mance comparison for hedged share classes, a hedged vari-ant of the benchmark in the relevant share class currency may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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31 Vontobel Fund – Non-Food Commodity

1 Reference currency USD

2 Investment objective and policy Vontobel Fund – Non-Food Commodity (the Sub-Fund) aims to achieve sustainable investment returns in USD by partici-pating in the growth potential of the commodity markets.

To achieve its investment objective, the Sub-Fund shall build up an indirect exposure to the energy, industrial metals and precious metals markets (commodities or commodity mar-kets) by investing in these markets via instruments specified below.

While respecting the principle of risk diversification, the Sub-Fund's assets are invested mainly via the following instru-ments:

Derivatives, including but not limited to swaps, forward contracts, futures, options, certificates, structured prod-ucts and bonds) whose value is derived from the following underlyings:

commodity market indices that provide an adequate point of reference for the market upon which they are based and that are published in an appropriate manner. The Sub-Fund will be exposed to indices which are mainly benchmark indices for the commodity market. The benchmark indices will be indices from the Bloomberg Commodity Indexes series and/or their sub-indices. How-ever, other indices may also be used as benchmark indi-ces. Up to 100% of the Sub-Fund's net assets may be exposed to the performance of a benchmark index. Both long and short positions on indices may be entered into, which may affect the Sub-Fund's exposure to certain commodities.

exchange-traded commodities or corresponding certifi-cates based on commodity market indices that are traded on a Regulated Market or another market that is recognized, regulated and open to the public and oper-ates in a due and orderly fashion, or is admitted for offi-cial trading on the securities exchange of a non-member state. Both long and short positions may be entered into on exchange-traded commodities and corresponding cer-tificates. This may affect the Sub-Fund's exposure to cer-tain commodities.

Debt paper or bank deposits that cover obligations arising from derivatives as set out above, including (i) debt secu-rities with a residual maturity of up to thirty months that are issued by private and public borrowers worldwide, (ii) money market instruments issued by private and public borrowers worldwide, and (iii) sight and time deposits held with banks of up to twelve months.

The Sub-Fund may also be exposed to the development of the commodities sector via investments in UCITS or other UCIs within the permitted limits including undertakings for col-lective investment managed by a company belonging to the Vontobel Group. No more than 10% of the Sub-Fund's assets may be invested in UCITS and other UCIs at any time.

The Sub-Fund may also invest in structured products that are related to liquid financial investments, such as securities is-sued by companies that operate in the commodities sector, other permissible undertakings for collective investment and permissible derivatives within the meaning of Article 41 (1) of the 2010 Law.

The Sub-Fund shall not at any time make an investment in derivatives whose underlying securities are themselves com-modities.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also hold cash.

The evaluation and selection of benchmark indices to which the Sub-Fund is exposed, or of target funds in which the Sub-Fund invests, is conducted using various criteria, which in-clude:

an assessment of the potential return of a planned invest-ment, past performance, strategy pursued;

an estimation of the risks and the volatility to which the in-vestment is expected to be exposed over time;

the liquidity of an investment, including the tradability of a benchmark index and the assets in which a target fund in-vests;

an assessment of how each investment strategy would be affected by likely economic scenarios;

an assessment of the correlation between the perfor-mance of a benchmark index or a target fund and the Sub-Fund's other investments;

an evaluation of the costs associated with using a specific benchmark index or with investing in a target fund, such as fees and transaction costs;

an assessment of a target fund manager's characteristics, based on integrity, professional career, dedication, flexibil-ity, expertise, management skills, relationships and talent.

The Investment Manager shall employ various methods to monitor the performance of the benchmark indices and the target funds to which the Fund's assets have been allocated. Particular attention is given to monitoring changes in a bench-mark index or in the structure and organization of the fund managers for the target funds, material deviations from the given reference values, changes in the correlation between portfolio values and changes in the mechanism of a bench-mark index as well as the investment style of the target funds.

The Sub-Fund may also raise its level of cash temporarily during periods in which the Investment Manager deems it ad-visable to do so for financial or political reasons, or if the op-portunities for capital growth are limited.

The strategy is to exactly replicate the benchmark and then to overweight and underweight single commodities, or to over-weight and underweight one or the other commodity sector, or to take advantage of the term structure in comparison to the benchmark:

1. The benchmark performance is replicated by a 100% exposure via a swap on the benchmark index (this may be split into several swaps allocated to different counterparties).

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2. The overweights and underweights are obtained by a combination of swaps on eligible diversified indices and swaps on eligible delta-one exchange traded commodi-ties providing exposure to a single commodity compo-nent (i.e. exposure to a single commodity future).

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments, including one or more total return swaps ("TRS").

TRS form an important part of the investment approach of the Sub-Fund. Types of underlyings to TRS may include underly-ings as described in 2. (a) (i) and (ii).

The Sub-Fund exposure to TRS expressed as the sum of no-tionals is expected to range between 300% and 700% of the net assets of the Sub-Fund. In cases where this range is ex-ceeded, exposures should remain below 1000%.

All revenues (less transaction costs) from TRS are accrued to the Sub-Fund.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a medium to long-term investment horizon who wish to invest in commodity markets using derivative financial instru-ments and accept the risks associated with an investment in the commodity markets as well as those associated with con-cluding derivative transactions.

Investors should be aware that their investments may in-crease or decrease in value. There is no guarantee that in-vestors will be able to recoup the original amount invested.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Commodity investments may be subject to considerable volatility and exposed to sudden fluctuations over a long period. Price movements are due, in part, to the following factors: shifting supply and demand conditions; weather, food controls, trade restrictions, tax and monetary re-strictions and limits governing currency exchange; politi-cal and economic influences, changes in national and in-ternational interest and inflation rates, currency devaluation and revaluation; as well as general market sentiment. Various commodity markets may also be sub-ject to direct government intervention. Such intervention may cause the prices of various commodities to be ex-tremely volatile.

– Investments in derivatives and bonds are subject to price fluctuations at all times. Investments in foreign currencies are also subject to currency fluctuations.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to external and internal ESG research and integrates financially material Sustainability Risks into its investment decision-making processes. More in-formation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

Investors should also note section 9.3 o) of the General Part.

7 Risk classification The Sub-Fund will apply the relative value at risk method (rel-ative VaR) to determine the global risk entailed in its invest-ments.

The risk measure may not exceed double the value of the Sub-Fund's benchmark portfolio. The Bloomberg Commodity

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1106545293 H (hedged) CHF accumulating Retail 0.050% - 28.11.2014 1.650% 1.500% noLU1106545533 HI (hedged) CHF accumulating Institutional 0.010% - 28.11.2014 0.825% 0.750% noLU1130323832 AHI (hedged) EUR distributing Institutional 0.010% - 28.11.2014 0.825% 0.750% noLU1106545376 H (hedged) EUR accumulating Retail 0.050% - 28.11.2014 1.650% 1.500% noLU1106545616 HI (hedged) EUR accumulating Institutional 0.010% - 28.11.2014 0.825% 0.750% noLU2194484734 S EUR accumulating Institutional 0.010% - 07.07.2020 0.000% 0.000% noLU1140754778 AI USD distributing Institutional 0.010% - 28.11.2014 0.825% 0.750% noLU1106544643 B USD accumulating Retail 0.050% - 28.11.2014 1.650% 1.500% noLU1106544999 I USD accumulating Institutional 0.010% - 28.11.2014 0.825% 0.750% noLU1683489915 N USD accumulating Retail 0.050% - 04.12.2017 1.250% 0.750% noLU1106545962 R USD accumulating Retail 0.050% - 28.11.2014 1.650% 0.250% noLU1106545020 S USD accumulating Institutional 0.010% - 28.11.2014 0.000% 0.000% no

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ex-Agriculture and Livestock Capped Index Total Return is used as a benchmark portfolio.

The leverage achieved for investment purposes in the Sub-Fund through the use of derivative financial instruments is cal-culated using the notional approach. The average leverage achieved over the course of the year is expected to be around 600% or less of the net assets of the Sub-Fund. However, the actual leverage achieved on average may be above or below this value. The maximum leverage should not exceed 1000%. Also, it is to be noted that the levels of leverage might vary quite significantly over time depending on market environ-ment, where the Investment Manager may decide to increase the Sub-Fund's use of derivatives either to hedge market risks or benefit from investment opportunities. Although this lever-age figure must be stated, it does not permit any meaningful inference to be drawn as to the risk generated by the lever-age.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the Bloomberg Commodity ex-Agriculture and Livestock Capped Index TR and is also used to compare the performance of the Sub-Fund. For the purpose of performance comparison for hedged share classes, a hedged variant of the benchmark in the relevant share class currency may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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32 Vontobel Fund – Emerging Markets Debt

1 Reference currency USD

2 Investment objective and policy Vontobel Fund – Emerging Markets Debt (the Sub-Fund) aims to achieve the best possible investment returns in USD.

While respecting the principle of risk diversification, the Sub-Fund's assets are primarily invested in bonds, notes and simi-lar fixed and variable-rate debt instruments, including contin-gent convertibles bonds (so-called “CoCo Bonds”), asset-backed or mortgage-backed securities (“ABS/MBS”), converti-bles and warrant bonds, denominated in hard currencies and issued or guaranteed by government or government-related, supra-national or corporate issuers domiciled in, having their business activity in or exposed to emerging markets.

A maximum of 25% of the Sub-Fund's assets may be in-vested in convertibles and warrant bonds.

"Hard currency" means currencies of economically developed and politically stable countries that are OECD members.

Emerging markets in connection with this Sub-Fund are all countries other than Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ire-land, Italy, Japan, Luxembourg, Monaco, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom and the United States of America.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

Investments in distressed securities (i.e. securities that are typically rated with a Standard & Poor’s rating below CCC- (or an equivalent rating from another rating agency)) may not ex-ceed 10% of the Sub-Fund’s net assets. The Sub-Fund’s in-vestment in CoCo Bonds may not exceed 10% of its net as-sets. The Sub-Fund’s investment in ABS/MBS may not exceed 10% of its net assets.

The Sub-Fund may also hold cash.

Currency or credit risk may be actively managed by increas-ing or decreasing currency or credit exposure through the use of derivative financial instruments. Furthermore, interest rate risk may be actively managed by increasing or decreasing in-terest rate sensitivity (duration) through the use of derivative financial instruments.

The Sub-Fund may invest up to 10% of its assets in UCITS and/or other UCIs. Suitable UCITS and/or other UCIs may in-clude undertakings for collective investment managed by a company belonging to the Vontobel Group.

3 Use of derivatives The Sub-Fund may, for the purposes of hedging (incl. cur-rency hedging), efficient portfolio management and achieving the investment objective, make use of derivative financial in-struments.

Derivatives can also be used for hedging purposes.

4 Single swing pricing The Sub-Fund is subject to single swing pricing and may ap-ply a Single Swing Pricing Factor of up to 3% of the net asset value.

5 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The Share Classes of the Sub-Fund may also be charged a Performance Fee. The fee shall be calculated pursuant to section 20 "Fees and expenses" of the General Part with the following stipulations:

Performance Fee No more than 10% of outperformance

Calculation HWM Principle and Hurdle Rate Principle (cumulatively)

High Water Mark HWM with 5-year reset on a rolling ba-sis

Hurdle Rate J.P. Morgan EMBI Global Diversified Index

Crystallization fre-quency/date Financial year (31 August)

Performance Reference Pe-riod 5 years

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

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The exact amount of remuneration paid is provided in the semi-annual and annual report.

6 Typical investor profile The Sub-Fund is aimed at private and institutional investors with a medium- to long-term investment horizon, who wish to invest in a broadly diversified portfolio of medium- and long-term fixed and variable interest securities and to achieve a reasonable investment and capital return, while being aware of the associated price fluctuations.

7 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Investments may be made in countries where the local capital markets may not yet qualify as recognized mar-kets within the meaning of the investment restrictions set out in this Sales Prospectus;

– This Sub-Fund's investments may be subject to a higher degree of risk. The stock markets and the economies of emerging markets are generally volatile. This Sub-Fund's investments in certain emerging markets may also be ad-versely affected by political developments and/or changes in local laws, taxes and exchange controls. Fi-nally, in some countries, it is difficult to clearly identify what conditions of ownership apply to certain companies as a result of ongoing privatization processes;

– The procedures for settling securities transactions are associated with higher risks in the emerging markets than in developed markets. These higher risks are partly due to the fact that the Sub-Fund must use brokers and counterparties which do not have a very high level of capitalization, and the safekeeping of assets may in some countries be undependable, so that upon subscrip-tion or redemption, Fund shares may be worth less, or more, than at the time they were created.

– Investments in high-yield bonds are more risky and gen-erally considered to constitute more speculative invest-ments. These bonds comprise a higher credit risk, higher price fluctuations, a higher risk of loss of capital deployed and of ongoing earnings than bonds with a higher credit rating. The high-yield bonds are generally more sensitive to the changes in the macroeconomic conditions. The spread to the higher rated securities tends to widen dur-ing the economic slowdown and recession and to tighten during the economic upswing. Higher coupon payable to the high-yield bond holders is considered a compensa-tion for a higher degree of risk taken by the investors.

– Higher-yielding, higher-risk bonds are often issued by small companies or those that already have significant levels of debt. Such companies regularly have more diffi-culty than larger or less heavily indebted companies in making interest and capital payments. Such companies

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1572142336 AHI (hedged) CHF distributing Institutional 0.010% - 10.03.2017 0.550% 0.550% noLU2269201294 AHN (hedged) CHF distributing Retail 0.050% - 18.12.2020 0.825% 0.550% noLU0926440065 H (hedged) CHF accumulating Retail 0.050% - 15.05.2013 1.100% 1.100% noLU0926440495 HI (hedged) CHF accumulating Institutional 0.010% - 15.05.2013 0.550% 0.550% noLU1683481938 HN (hedged) CHF accumulating Retail 0.050% - 03.10.2017 0.825% 0.550% noLU2054206490 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.100% 0.250% noLU1627767111 HS (hedged) CHF accumulating Institutional 0.010% - 21.06.2017 0.000% 0.000% noLU1482064224 AH (hedged) EUR distributing Retail 0.050% - 08.09.2016 1.100% 1.100% noLU1572142252 AHI (hedged) EUR distributing Institutional 0.010% - 10.03.2017 0.550% 0.550% noLU1684196279 AHN (hedged) EUR distributing Retail 0.050% - 05.10.2017 0.825% 0.550% noLU1086766554 AI EUR distributing Institutional 0.010% - 09.07.2014 0.550% 0.550% noLU1991126514 AQHNG (hedged) EUR distributing Retail 0.050% 50'000'000 20.05.2019 0.550% 0.400% noLU1828123312 G EUR accumulating Institutional 0.010% 50'000'000 08.06.2018 0.550% 0.400% noLU0926439992 H (hedged) EUR accumulating Retail 0.050% - 15.05.2013 1.100% 1.100% noLU1482063929 HC (hedged) EUR accumulating Retail 0.050% - 08.09.2016 1.600% 1.500% noLU2086836165 HG (hedged) EUR accumulating Institutional 0.010% 50'000'000 06.12.2019 0.550% 0.400% noLU0926440222 HI (hedged) EUR accumulating Institutional 0.010% - 15.05.2013 0.550% 0.550% noLU1683488438 HN (hedged) EUR accumulating Retail 0.050% - 12.10.2017 0.825% 0.550% noLU1502168690 HS (hedged) EUR accumulating Institutional 0.010% - 17.10.2016 0.000% 0.000% noLU2128042822 AQHN (hedged) GBP distributing Retail 0.050% - 13.03.2020 0.825% 0.550% noLU1991126357 AQHNG (hedged) GBP distributing Retail 0.050% 50'000'000 20.05.2019 0.550% 0.400% noLU1700373241 HI (hedged) GBP accumulating Institutional 0.010% - 27.10.2017 0.550% 0.550% noLU1572142179 AI USD distributing Institutional 0.010% - 10.03.2017 0.550% 0.550% noLU1675867243 AM USD distributing Retail 0.050% - 18.09.2017 1.600% 1.100% noLU1683477746 AQ1 USD distributing Retail 0.050% - 29.09.2017 1.700% 1.500% noLU2066061347 AQ1 Gross USD distributing Retail 0.050% - 19.11.2019 1.700% 1.500% noLU1683478397 AQC1 USD distributing Retail 0.050% - 29.09.2017 2.000% 1.800% noLU2066061420 AQC1 Gross USD distributing Retail 0.050% - 19.11.2019 2.000% 1.800% noLU1422763562 AQG USD distributing Institutional 0.010% 50'000'000 01.06.2016 0.550% 0.400% noLU1991126605 AQNG USD distributing Retail 0.050% 50'000'000 20.05.2019 0.550% 0.400% noLU1482064067 AS USD distributing Retail 0.050% - 08.09.2016 1.600% 1.500% noLU0926439562 B USD accumulating Retail 0.050% - 15.05.2013 1.100% 1.100% noLU1683477829 B1 USD accumulating Retail 0.050% - 29.09.2017 1.700% 1.500% noLU1482063762 C USD accumulating Retail 0.050% - 08.09.2016 1.600% 1.500% noLU1683478124 C1 USD accumulating Retail 0.050% - 29.09.2017 2.000% 1.800% noLU2122467942 G USD accumulating Institutional 0.010% 50'000'000 03.03.2020 0.550% 0.400% noLU0926439729 I USD accumulating Institutional 0.010% - 15.05.2013 0.550% 0.550% noLU0926439646 N USD accumulating Retail 0.050% - 15.05.2013 0.825% 0.550% noLU0992847904 R USD accumulating Retail 0.050% - 15.11.2013 1.100% 0.250% noLU1171709691 S USD accumulating Institutional 0.010% - 20.01.2015 0.000% 0.000% noLU1809222455 U1 USD accumulating Retail 0.050% 30.05.2018 0.825% 0.700% noLU2066061693 UAQ1 Gross USD distributing Retail 0.050% - 19.11.2019 0.825% 0.700% no

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are also more strongly affected by changing market con-ditions, such as a weaker economy or higher interest rates.

– Government debt securities are subject to market risk, in-terest rate risk and credit risk. Governments, particularly in Emerging Markets, may default on their sovereign debt and holders of sovereign debt (including the Sub-Fund) may be requested to participate in the rescheduling of such debt. There is no bankruptcy proceeding by which sovereign debt on which a government has defaulted may be collected in whole or in part. Global economies are highly dependent on one another and the conse-quences of any default of any sovereign state may be se-vere and far reaching and could result in substantial losses to the Sub-Fund.

– Investments in higher-yielding, higher-risk bonds may also be less liquid than other investments, or the Sub-Fund may only be able to sell such investments at a dis-count to their actual value.

– The attention of the investors is drawn to the fact that the structure of ABS/MBS and the pools backing them are often intransparent and the Sub-Fund may be exposed to greater credit and prepayment risks (extension or con-traction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund.

– Contingent convertible bonds (so-called CoCo Bonds) are fixed-income securities with embedded options that financially benefit the issuer, by which a fixed-income se-curity is converted into an equity when certain pre-deter-mined conditions are met. Investments in contingent con-vertible bonds may be adversely impacted depending on the occurrence of specific security features or triggers, linked to regulatory capital minimums, and where the is-suer’s regulatory authorities express doubts regarding the creditworthiness of the issuer. In such adverse sce-narios, the value of such securities could be written down temporarily or permanently and/or coupons cancelled or deferred in order to help the issuer to absorb losses (loss absorption risk). The value of CoCo Bonds could also be unpredictable in the event of such securities being con-verted into equities at a discounted share price as per pre-determined rules specific to each issue and dis-closed in the issuer’s prospectus (conversion risk). If the securities are converted into equity following a conver-sion event, holders would become more subordinated as they become the holder of an equity investment versus holding a debt investment. Further risks of investing in CoCo Bonds are capital structure inversion risk, call ex-tension risk and liquidity risk.

– Distressed securities are the securities of issuers that are in financial distress or near bankruptcy, typically with a Standard & Poor´s rating below CCC- (or an equivalent rating from another rating agency). Investments in dis-tressed securities are very speculative and carry a signif-icant risk of capital loss.

– The investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of

the risks of investing in CoCo Bonds and distressed se-curities. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– Liquidity risk refers to the inability of a Sub-Fund to sell a security or liquidate a position at its fair value. A common consequence of reduced liquidity of a security resp. of a position is an additional discount on the selling resp. liq-uidation price leading to a wider bid-ask spread as com-pared to the bid-ask spread charged by the brokers to similar securities which have, however, higher liquidity. In addition, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet redemption re-quests, or to meet liquidity needs in response to a spe-cific economic event in a timely manner.

– Investments in bonds are subject to price fluctuations at all times. Investments in foreign currencies are also sub-ject to currency fluctuations.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must con-clude that any risk revealed, including Sustainability Risks, as part of the ESG research are adequately com-pensated by the assets expected return. More infor-mation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

8 Risk classification The Sub-Fund will apply the relative value at risk method (rel-ative VaR) to determine the global risk entailed in its invest-ments.

The risk measure will not exceed twice the value of the Sub-Fund's benchmark portfolio. The J.P. Morgan EMBI Global Di-versified Index will be used as the benchmark portfolio.

The leverage achieved for investment purposes in the Sub-Fund through the use of derivative financial instruments is cal-culated using the notional approach. The average leverage achieved over the course of the year is expected to be around 200% or less of the net assets of the Sub-Fund. However, the actual leverage achieved on average may be above or below this value. Also, it is to be noted that the levels of leverage might vary quite significantly over time depending on market environment, where the Investment Manager may decide to increase the Sub-Fund's use of derivatives either to hedge market risks or benefit from investment opportunities. Alt-

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hough this value must be stated, it does not permit any mean-ingful inference to be drawn as to the risk generated by the leverage.

9 Benchmark The Sub-Fund is actively managed. Its benchmark is the J.P. Morgan EMBI Global Diversified Index and is also used to compare the performance of the Sub-Fund. For the purpose of performance comparison for hedged share classes, a hedged variant of the benchmark in the relevant share class currency may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

10 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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33 Vontobel Fund – Sustainable Emerging Markets Debt

1 Reference currency USD

2 Investment objective Vontobel Fund – Sustainable Emerging Markets Debt (the Sub-Fund) aims to outperform the J.P. Morgan ESG EMBI Global Diversified Index (the “Benchmark”) over a three-year rolling period, by investing primarily in emerging market debt securities in accordance with the ESG strategy. The Sub-Fund promotes environmental or social characteristics, but does not have as its objective a sustainable investment. The Sub-Fund is categorized as Article 8 SFDR.

3 Investment policy While respecting the principle of risk diversification, the Sub-Fund's net assets are primarily exposed to the fixed-income asset class by investing, inter alia, in investment grade and non-investment grade bonds, notes and similar fixed-interest and floating-rate debt instruments, including contingent con-vertibles bonds (so-called “CoCo Bonds”), asset-backed or mortgage-backed securities (“ABS/MBS”), convertibles and warrant bonds, denominated in hard currencies and issued or guaranteed by government or government-related, supra-na-tional or corporate (including quasi-sovereign) issuers domi-ciled in, having their business activity in or exposed to emerg-ing markets in accordance with the ESG (environmental, social and governance) strategy of the Investment Manager.

The Sub-Fund is actively managed but uses the Benchmark as a performance measure. The Benchmark provides expo-sure to sovereign and quasi-sovereign bonds from emerging market issuers that adhere to high environmental, social and governance standards and is considered as consistent with the environmental and social characteristics promoted by the Sub-Fund. Where the Investment Manager selects securities for the Sub-Fund from the Benchmark, it has a high degree of freedom in their weighting in the portfolio of the Sub-Fund as compared to their weighting in the Benchmark. The Invest-ment Manager also selects securities for the Sub-Fund that are not in the Benchmark, provided they are in the aforemen-tioned investment universe. The methodology used for the calculation of the Benchmark can be found on the web site of the index provider.

"Hard currency" means currencies of economically developed and politically stable countries that are OECD members.

Emerging markets in connection with this Sub-Fund are all countries other than Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ire-land, Italy, Japan, Luxembourg, Monaco, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom and the United States of America.

Up to 33% of the Sub-Fund's net assets may be exposed to asset classes and financial instruments outside the aforemen-tioned investment universe, in particular to fixed-income secu-rities and money market instruments issued or guaranteed by government, government-related, supra-national and corpo-rate (including quasi-sovereign) issuers domiciled in, having their business activity in or exposed to developed markets

and equities, in accordance with the ESG strategy of the In-vestment Manager.

The exposure to the non-investment grade (high yield) sector of the fixed-income asset class may be up to 100% of the Sub-Fund’s net assets, whereby the exposure to distressed securities (i.e. securities that are typically rated with a Stand-ard & Poor’s credit rating below CCC- (or an equivalent rating from another rating agency)) may not exceed 10% of the Sub-Fund's net assets. This limit includes non-rated securities with a credit quality of the distressed grade.

The Sub-Funds exposure to

– CoCo Bonds may not exceed 20% of its net assets;

– ABS/MBS may not exceed 10% of its net assets and

– convertibles and warrant bonds may not exceed 25% of its net assets.

The Sub-Fund may also hold cash.

Currency or credit risk may be actively managed by increas-ing or decreasing currency or credit exposure through the use of derivative financial instruments. Furthermore, interest rate risk may be actively managed by increasing or decreasing in-terest rate sensitivity (duration) through the use of derivative financial instruments.

For the purposes of hedging, in particular credit, currency and interest rate risks as well as for the purpose of achieving the investment objective, the Sub-Fund may employ derivatives traded on exchange or over-the-counter. The derivative in-struments shall include, but shall not be limited to, forwards, including forward volatility agreements, futures, swaps, includ-ing volatility swaps, credit derivatives, including credit default swaps, as well as options, including options on foreign curren-cies, in particular deliverable currencies, swaptions, options on the above derivative instruments and exotic options.

The environmental and/or social characteristics promoted by the Sub-Fund consist of integrating ESG criteria in the invest-ment process by directing investments into securities of more sustainable governmental and corporate issuers that meet the Investment Manager’s ESG criteria. In addition, the Sub-Fund aims to provide at least the same ESG score as the Bench-mark.

The ESG investment process consists of a quantitative screening based on third-party and in-house provider data fol-lowed by a qualitative analysis of the material Sustainability Risks. Material Sustainability Risks include but are not limited to: for sovereigns – quality of institutions, respect for human rights, sufficiency of social safety net, etc., for corporates – treatment of employees, energy efficiency measures, board structures, product safety and business ethics.

Securities of corporate issuers are selected by categorizing sectors based on their ESG exposure with a negative and positive screening.

The Sub-Fund further applies minimum exclusion criteria to avoid companies that do not comply with the UN Global Com-pact criteria or are e.g. engaged in or derive a certain percent-age of their revenues from alcohol, weapons, tobacco, gam-bling, coal mining, coal-based utilities or thermal coal.

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Based on ESG scores from third-party researchers, the In-vestment Manager selects securities from companies that manage their Sustainability Risks in a more efficient way for a given level of Sustainability Risk exposure. Respective measures are taken from reputable third-party research pro-viders.

Securities of governmental or municipal issuers are selected applying the Investment Manager’s proprietary ESG scoring system which includes criteria measuring the wellbeing of the relevant country (Gross National Income per capita, life ex-pectancy, etc.) taken versus the resources spent to achieve it, as well as social and institutional factors (income distribution, human rights, etc.), Countries committing to sustainability principles are expected to have a stronger institutional frame-work as well as sounder social and environmental develop-ment that should allow for sustainable long-term economic growth. ESG analysis is therefore part of the fundamental country analysis and an indicator of a country’s ability to achieve long-term stable growth locally and globally.

At least 90% of the securities in the Sub-Fund and the bench-mark have the sustainability scoring, as described above. The Sub-Fund excludes 20% of the aforementioned investment universe. Main methodological limits are described in section 7 “Risk factors”. The Investment Universe is the emerging markets debt market.

The Investment Manager assesses good governance prac-tices of the issuers by monitoring for ESG controversies and puts best effort in engagement with government bodies with regards to ESG policies and to promote sustainability aware-ness.

4 Single swing pricing The Sub-Fund is subject to single swing pricing and may ap-ply a Single Swing Pricing Factor of up to 3% of the net asset value.

5 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

6 Typical investor profile The Sub-Fund is aimed at private and institutional investors, who put special focus on sustainability factors, with a me-dium- to long-term investment horizon, and who wish to invest in a broadly diversified portfolio of fixed-interest and floating-rate securities and to achieve a reasonable investment and capital return, while being aware of the associated price fluc-tuations.

7 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Investments may be made in countries where the local capital markets may not yet qualify as recognized mar-kets within the meaning of the investment restrictions set out in this Sales Prospectus;

– This Sub-Fund's investments may be subject to a higher degree of risk. The stock markets and the economies of emerging markets are generally volatile. This Sub-Fund's investments in certain emerging markets may also be ad-versely affected by political developments and/or changes in local laws, taxes and exchange controls. Fi-nally, in some countries, it is difficult to clearly identify what conditions of ownership apply to certain companies as a result of ongoing privatization processes;

– The procedures for settling securities transactions are associated with higher risks in the emerging markets than in developed markets. These higher risks are partly due to the fact that the Sub-Fund must use brokers and

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU2145397217 H (hedged) CHF accumulating Retail 0.050% - 30.09.2020 1.250% 1.180% noLU2145396755 HE (hedged) CHF accumulating Institutional 0.010% - 30.09.2020 0.625% 0.150% noLU2145396243 HI (hedged) CHF accumulating Institutional 0.010% - 30.09.2020 0.625% 0.625% noLU2145397993 HR (hedged) CHF accumulating Retail 0.050% - 30.09.2020 1.250% 0.250% noLU2145397480 AH (hedged) EUR distributing Retail 0.050% - 30.09.2020 1.250% 1.180% noLU2243827156 AHE (hedged) EUR distributing Institutional 0.010% - 12.11.2020 0.625% 0.150% noLU2145397308 H (hedged) EUR accumulating Retail 0.050% - 30.09.2020 1.250% 1.180% noLU2145396839 HE (hedged) EUR accumulating Institutional 0.010% - 30.09.2020 0.625% 0.150% noLU2145396326 HI (hedged) EUR accumulating Institutional 0.010% - 30.09.2020 0.625% 0.625% noLU2145397647 HN (hedged) EUR accumulating Retail 0.050% - 30.09.2020 0.950% 0.625% noLU2186295551 AHN (hedged) GBP distributing Retail 0.050% - 30.09.2020 0.950% 0.625% noLU2145397134 A USD distributing Retail 0.050% - 30.09.2020 1.250% 1.180% noLU2145396169 AI USD distributing Institutional 0.010% - 30.09.2020 0.625% 0.625% noLU2145397050 B USD accumulating Retail 0.050% - 30.09.2020 1.250% 1.180% noLU2145396912 E USD accumulating Institutional 0.010% - 30.09.2020 0.625% 0.150% noLU2145396599 G USD accumulating Institutional 0.010% 50'000'000 30.09.2020 0.625% 0.450% noLU2145396086 I USD accumulating Institutional 0.010% - 30.09.2020 0.625% 0.625% noLU2145397563 N USD accumulating Retail 0.050% - 30.09.2020 0.950% 0.625% noLU2145397720 R USD accumulating Retail 0.050% - 30.09.2020 1.250% 0.250% no

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counterparties which do not have a very high level of capitalization, and the safekeeping of assets may in some countries be undependable, so that upon subscrip-tion or redemption, Fund shares may be worth less, or more, than at the time they were created.

– Investments in high-yield bonds are more risky and gen-erally considered to constitute more speculative invest-ments. These bonds comprise a higher credit risk, higher price fluctuations, a higher risk of loss of capital deployed and of ongoing earnings than bonds with a higher credit rating. The high-yield bonds are generally more sensitive to the changes in the macroeconomic conditions. The spread to the higher rated securities tends to widen dur-ing the economic slowdown and recession and to tighten during the economic upswing. Higher coupon payable to the high-yield bond holders is considered a compensa-tion for a higher degree of risk taken by the investors.

– Higher-yielding, higher-risk bonds are often issued by small companies or those that already have significant levels of debt. Such companies regularly have more diffi-culty than larger or less heavily indebted companies in making interest and capital payments. Such companies are also more strongly affected by changing market con-ditions, such as a weaker economy or higher interest rates.

– Investments in higher-yielding, higher-risk bonds may also be less liquid than other investments, or the Sub-Fund may only be able to sell such investments at a dis-count to their actual value.

– The interest rate risk is the risk of a decrease in the value of a fixed-income security if interest rates rise. The In-vestment Manager may observe and actively stir the sen-sitivity of the fixed-income security’s price to the change in interest rates (duration) by using derivative instru-ments.

– The credit risk (also, counterparty risk) is the risk that the issuer of a fixed-income security shall fail to perform a payment when due (default risk) or the rating of such an issuer shall be decreased by a rating agency (downgrade risk) or the yield spread of the issuer to the risk-free rate or other benchmark widens for any other reasons (credit spread risk).

– Government debt securities are subject to market risk, in-terest rate risk and credit risk. Governments, particularly in Emerging Markets, may default on their sovereign debt and holders of sovereign debt (including the Sub-Fund) may be requested to participate in the rescheduling of such debt and to extend further loans to the governmen-tal entities. There is no bankruptcy proceeding by which sovereign debt on which a government has defaulted may be collected in whole or in part. Global economies are highly dependent on one another and the conse-quences of any default of any sovereign state may be se-vere and far reaching and could result in substantial losses to the Sub-Fund.

– Currency trading is very speculative and is strongly de-pendent on the skills of the portfolio manager. In cur-rency trading, the portfolio manager gives up bets

against the market forecast in relation to the evolvement of various currencies which (the market forecast), in turn, is based on certain economic rules. In case of an inaccu-rate forecast of the evolvement of the relevant currency pair by the portfolio manager, the Sub-Fund suffers a loss. Before investing in the Sub-Fund, the investors should consider that in case of an unfavorable evolve-ment of the currency market, the active currency trading can lead to substantial losses.

– The attention of the investors is drawn to the fact that the structure of ABS/MBS and the pools backing them are often intransparent and the Sub-Fund may be exposed to greater credit and prepayment risks (extension or con-traction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund.

– Contingent convertible bonds (so-called CoCo Bonds) are fixed-income securities with embedded options that financially benefit the issuer, by which a fixed-income se-curity is converted into an equity when certain pre-deter-mined conditions are met. Investments in contingent con-vertible bonds may be adversely impacted depending on the occurrence of specific security features or triggers, linked to regulatory capital minimums, and where the is-suer’s regulatory authorities express doubts regarding the creditworthiness of the issuer. In such adverse sce-narios, the value of such securities could be written down temporarily or permanently and/or coupons cancelled or deferred in order to help the issuer to absorb losses (loss absorption risk). The value of CoCo Bonds could also be unpredictable in the event of such securities being con-verted into equities at a discounted share price as per pre-determined rules specific to each issue and dis-closed in the issuer’s prospectus (conversion risk). If the securities are converted into equity following a conver-sion event, holders would become more subordinated as they become the holder of an equity investment versus holding a debt investment. Further risks of investing in CoCo Bonds are capital structure inversion risk, call ex-tension risk and liquidity risk.

– Distressed securities are the securities of issuers that are in financial distress or near bankruptcy, typically with a Standard & Poor´s rating below CCC- (or an equivalent rating from another rating agency). Investments in dis-tressed securities are very speculative and carry a signif-icant risk of capital loss.

– The investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds and distressed se-curities. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– Liquidity risk refers to the inability of a Sub-Fund to sell a security or liquidate a position at its fair value. A common consequence of reduced liquidity of a security resp. of a position is an additional discount on the selling resp. liq-uidation price leading to a wider bid-ask spread as com-pared to the bid-ask spread charged by the brokers to similar securities which have, however, higher liquidity. In addition, reduced liquidity may have an adverse impact

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on the ability of the Sub-Fund to meet redemption re-quests, or to meet liquidity needs in response to a spe-cific economic event in a timely manner.

– Investments in bonds are subject to price fluctuations at all times. Investments in foreign currencies are also sub-ject to currency fluctuations.

– The Sub-Fund follows an ESG Sustainability strategy and applies either minimum exclusion criteria and/or cer-tain internal and/or external ESG rating assessments which may affect the Sub-Funds investment performance positively or negatively since the execution of the Sus-tainability ESG strategy may result in foregoing opportu-nities to buy certain securities, and/or selling securities due to their ESG-related characteristics.

Main methodological limits In assessing the eligibility of an issuer based on ESG re-search, there is a dependence upon information and data from third party ESG research data providers and inter-nal analyses which may be based on certain assump-tions or hypothesis that render it incomplete or inaccu-rate. As a result, there is a risk of inaccurately assessing a security or issuer. There is also a risk that the Invest-ment Manager may not apply the relevant criteria of the ESG research correctly or that the Sub-Fund could have indirect exposure to issuers who do not meet the relevant criteria. These risks pose a main methodological limit to the Sustainability strategy of the Sub-Fund. Neither the Fund, nor the Management Company nor the Investment Manager make any representation or warranty, express or implied, with respect to the fairness, correctness, ac-curacy, reasonableness or completeness of an assess-ment of ESG research and the correct execution of the Sustainability ESG strategy.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks. The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG research and integrates financially material Sustain-ability Risks into its investment decision-making pro-cesses. More information on the sustainable investment policy, and how the Sub-Fund implements Sustainability Risks may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s investment policy.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the J.P. Morgan ESG EMBI Global Diversified Index and is also used to compare the performance of the Sub-Fund. For the pur-pose of performance comparison for hedged share classes, a hedged variant of the benchmark in the relevant share class currency may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of

the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

9 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

10 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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34 Vontobel Fund – Sustainable Global Bond

1 Reference currency EUR

2 Investment objective and policy Vontobel Fund – Sustainable Global Bond (the "Sub-Fund") aims to achieve the best possible investment returns. The Sub-Fund promotes environmental and social characteristics, but does not have as its objective a sustainable investment. The Sub-Fund is categorized under Article 8 SFDR.

The Sub-Fund promotes environmental or social characteris-tics by integrating ESG (environmental, social and govern-ance) criteria in the investment process and directing invest-ments into more sustainable issuers (‘ESG leaders’) which meet the Investment Manager’s ESG criteria. The Investment Manager considers issuers, which are well prepared to mas-ter challenges stemming from material Sustainability Risks as ESG leaders. Strong management of Sustainability Risks is important especially in areas with high exposure. In areas with high exposure a sensitive risk policy is key to reaching transition.

The Sub-Fund excludes companies that fail international norms like UN Global Compact principles or derive a certain percentage of their revenues from weapons, tobacco or coal and excludes sovereign issuers that fail UN conventions.

The ESG investment process consists of a quantitative screening based on data from specialized third-party ESG re-search providers followed by a qualitative analysis of the ma-terial Sustainability Risks by the portfolio manager.

For corporate issuers material Sustainability Risks are meas-ured by controversies indicators including but not limited to: treatment of employees, energy efficiency measures, board structures, product safety and business ethics. Inadequately managed sustainability issues can have material impact on the financial flexibility of a company. ESG analysis is there-fore part of the Investment Manager’s fundamental risk analy-sis and serve as an indicator whether a company follows good governance and has a consistent overall risk manage-ment and handles controversies professionally.

For sovereign issuers ESG analysis is part of the country risk assessment and serves the Investment Manager’s objective to get an indication of the vulnerability of a country to contro-versial events. The Investment Manager bases its ESG analy-sis of material events on controversies indicators including but not limited to: man-made environmental disasters, riots, se-vere human rights violations or abuse of civil liberties. The In-vestment Manager expects countries committing to sustaina-bility principles to have a stronger institutional framework as well as sounder social and environmental development that allow for sustainable long-term economic growth. ESG analy-sis is therefore part of the fundamental country analysis and an indicator of a country’s ability to achieve long-term stable growth locally and globally.

At least 90% of the securities in the Sub-Fund have the sus-tainability selection criteria, as described above, applied to it.

The average ESG rating score calculated at portfolio level is expected to be higher than the average ESG rating score of the global bond investment universe calculated after eliminat-ing at least 20% of the worst values of the ESG rating score. Main methodological limits are described in section 6 “Risk factors”

The Sub-Fund invests in direct holdings and derivatives in or-der to meet the promoted environmental or social characteris-tics. Compliance with the environmental and social character-istics is monitored at all times.

While respecting the principle of risk diversification, the Sub-Fund shall mainly build up an exposure to the fixed-income asset class by purchasing instruments such as notes, bonds and similar fixed-interest and floating-rate securities, including convertible bonds, issued or guaranteed by government or government-related, supra-national or corporate issuers domi-ciled worldwide.

The Sub-Fund may invest up to 20% of its net assets in as-set-backed security and mortgage-backed securities (ABS/MBS).

Up to 33% of the Sub-Fund's assets may be exposed to the asset classes or instruments outside the aforementioned in-vestment universe.

The Sub-Fund may also buy money-market instruments and hold cash.

3 Use of derivatives The exposure to the above asset classes and instruments may be also achieved indirectly via derivatives traded on ex-change or over-the-counter. The derivative instruments shall include, but shall not be limited to, forwards, including forward volatility agreements, futures, swaps, including volatility swaps, credit derivatives, including credit default swaps, as well as options, including options on foreign currencies, in particular deliverable currencies, swaptions, options on the above derivative instruments and exotic options and to-be-an-nounced instruments (TBAs).

The derivatives may also be used for hedging purposes, in particular to hedge credit, currency and interest rate risks.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

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The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile The Sub-Fund is eligible to all investors with a medium- term investment horizon who wish to invest in a broadly diversified portfolio of medium- and long-term fixed-income securities and to achieve an appropriate current income and capital re-turn. The investors must also be willing to accept investment risks, in particular risks associated with investments in ABS/MBS.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG research and integrates finan-cially material Sustainability Risks into its investment deci-sion-making processes. More information on the sustainable investment policy, and how the Sub-Fund implements Sus-tainability Risks may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s investment policy.

Main methodological limits In assessing the eligibility of an issuer based on ESG re-search, there is a dependence upon information and data from third party ESG research data providers and internal analyses which may be based on certain assumptions or hy-pothesis that render it incomplete or inaccurate. As a result, there is a risk of inaccurately assessing a security or issuer. There is also a risk that the Investment Manager may not ap-ply the relevant criteria of the ESG research correctly or that the Sub-Fund could have indirect exposure to issuers who do not meet the relevant criteria. These risks pose a main meth-odological limit to the Sustainability strategy of the Sub-Fund. Neither the Fund, nor the Management Company nor the In-vestment Manager make any representation or warranty, ex-press or implied, with respect to the fairness, correctness, ac-curacy, reasonableness or completeness of an assessment of ESG research and the correct execution of the Sustainability strategy.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the Bloomberg Barclays Global Aggregate Index (EUR Hedged) and is used to compare the performance of the Sub-Fund. For the purpose of performance comparison for hedged share classes, a hedged variant of the benchmark in the relevant share class currency may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition of the benchmark.

The benchmark is not consistent with the environmental or social characteristics promoted by the Sub-Fund.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1246874892 HI (hedged) CHF accumulating Institutional 0.010% - 30.06.2015 0.425% 0.350% noLU1246875196 HS (hedged) CHF accumulating Institutional 0.010% - 13.11.2015 0.000% 0.000% noLU2146131318 B EUR accumulating Retail 0.050% - 16.04.2020 0.850% 0.700% noLU1246874629 I EUR accumulating Institutional 0.010% - 30.06.2015 0.425% 0.350% noLU1502168856 S EUR accumulating Institutional 0.010% - 17.10.2016 0.000% 0.000% noLU1246874462 HI (hedged) USD accumulating Institutional 0.010% - 30.06.2015 0.425% 0.350% no

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35 Vontobel Fund – Credit Opportunities 1 Reference currency USD

2 Investment objective and policy Vontobel Fund –Credit Opportunities (the Sub-Fund) aims to achieve a positive absolute return through the credit cycle.

While respecting the principle of risk diversification, the Sub-Fund's assets are mainly exposed to the fixed-income asset class by investing directly, or indirectly via derivative financial instruments, in fixed-income instruments such as bonds and similar fixed-interest and floating-rate securities, including se-curities with embedded derivatives such as convertible and warrant bonds, issued or guaranteed by government or gov-ernment-related, supra-national or corporate issuers.

The Sub-Fund further engages in active currency manage-ment and can build up exposure to various currencies as well as to currency volatility. The Sub-Fund also takes active ex-posure to volatility via derivatives.

In addition, the Sub-Fund may expose up to 20% of its assets to asset- and mortgage-backed securities (ABS/MBS).

The Sub-Fund’s exposure to contingent convertible bonds (so-called CoCo Bonds) may not exceed 20% of its assets.

A maximum of 25% of the Sub-Fund's net assets may be ex-posed to convertible bonds and notes.

Exposure to distressed securities (i.e. securities that are typi-cally rated with a Standard & Poor’s rating below CCC- (or an equivalent rating from another rating agency)) may not ex-ceed 10% of the Sub-Fund’s net assets. This limit includes non-rated securities with a credit quality of the distressed grade.

Up to 33% of the Sub-Fund's assets may be exposed to as-sets outside of the aforementioned investment universe, in-cluding exposure to the equity markets, and to alternative as-set class. The exposure to the alternative asset class may only be achieved via eligible instruments, such as derivatives.

The exposure to the above asset classes may also be achieved indirectly via UCITS and/or other UCIs, including ex-change traded funds including undertakings for collective in-vestment managed by a company belonging to the Vontobel Group. The exposure achieved via eligible UCITS and/or other UCIs may amount to a maximum of 10% of the Sub-Fund's assets.

The Sub-Fund may also buy money-market instruments and hold cash.

Currency risk, credit risk and market risk are actively man-aged by increasing or decreasing currency, credit and market exposure through the use of derivative financial instruments. Additionally, interest rate risk is actively managed by increas-ing or decreasing interest rate sensitivity (duration) through the use of derivative financial instruments.

For the purposes of achieving the investment objective or for hedging, in particular credit, currency, market and interest rate risks, the Sub-Fund may employ derivatives traded on exchange or over-the-counter. Such derivatives include, but

are not limited to forwards, futures, in particular bond futures, swaps, including interest rate swaps, , credit derivatives, such as credit default swaps, and exotic options.

Investment Management Process The Investment Manager applies a flexible approach to credit management.

The Investment Manager aims to maximize the diversification effect of the Sub-Fund’s exposure to global rates, credit spreads, currencies and equities through three dimensions: asset classes, investment strategies and time horizons. A structured portfolio construction process aims to balance the allocation of risk across rates, credit, equities and currencies, and reduce the impact of potential variation around Invest-ment Manager views.

The portfolio management team deploys a dynamic top-down macro approach to actively manage portfolios through eco-nomic cycles, drawing on internal subject matter expertise in corporate bonds, emerging market bonds and currencies.

Long term strategic market views of the Investment Manager are complemented with tactical investment decisions to seek to benefit from trading opportunities arising in volatility mar-kets and aim to dynamically adjust the Sub-Fund portfolio’s total risk exposure. The diversification of the Sub-Fund is en-hanced by deploying size-constrained directional and relative-value positions.

The intended outcome of the investment process is positive absolute returns together with positive relative returns (alpha) and low correlation with other asset classes.

Implementing the aforementioned strategy to achieve the in-vestment objective of the Sub-Fund requires the use of deriv-ative financial instruments that may result in a significantly higher leverage than strategies that do not use derivatives.

More details on leverage and on the techniques by means of which this leverage is built up are provided in the section “Risk classification” below.

3 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The Share Classes of the Sub-Fund may also be charged a Performance Fee. The fee shall be calculated pursuant to section 20 "Fees and expenses" of the General Part with the following stipulations:

Performance Fee No more than 20% of outperformance

Calculation HWM Principle and Hurdle Rate Princi-ple (cumulatively)

High Water Mark HWM with 5-year reset on a rolling ba-sis

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Hurdle Rate ICE BofA SOFR Overnight Rate Index (Ticker: LUS0)+1.5%

Crystallization fre-quency/date Financial year (31 August)

Performance Reference Pe-riod 5 years

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

4 Typical investor profile The Sub-Fund is eligible for consideration by private and insti-tutional investors with a medium-term investment horizon who wish to invest in a broadly diversified portfolio of medium- and long-term fixed-interest and floating-rate securities and who seek to achieve an income and capital gains, while being aware of the associated price fluctuations. The investors must also be willing to accept investment risks, in particular risks associated with investments in ABS/MBS, high yield corpo-rate securities, CoCo Bonds, active currency management and extensive use of derivatives, as well as the ability to with-stand volatility.

5 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

– Leverage is any technique that magnifies exposure to an asset class or to an instrument. Where leverage is ap-plied, the gain is amplified but additionally in the event of losses, the losses are also multiplied compared to the losses if portfolio were unleveraged. Leverage may lead to an increase in volatility of the net asset value of the Sub-Fund and increase the potential for capital losses compared to an unleveraged fund.

– Investments in higher-yielding and higher-risk bonds are generally considered to be more speculative invest-ments. These bonds typically comprise a higher credit risk, higher price fluctuations, a higher risk of capital loss and of ongoing earnings than bonds with a higher credit rating. Higher-yielding, higher-risk bonds are often issued by smaller companies or those that already have signifi-cant levels of debt. Such companies may have more diffi-culty than larger or less heavily indebted companies in making interest and capital payments. Such companies may also be more strongly affected by changing market conditions, such as a weaker economy or higher interest rates.

– Investments in higher-yielding, higher-risk bonds may also be less liquid than other investments, or the Sub-Fund may only be able to sell such investments at a dis-count to their actual value.

– The structure of ABS/MBS and the pools backing them may not be fully transparent and the Sub-Fund may be exposed to greater credit and prepayment risks (exten-sion or contraction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund.

– Distressed securities are the securities of issuers that are in financial distress or near bankruptcy, typically with a Standard & Poor´s rating below CCC- (or an equivalent

rating from another agency). Investments in distressed securities are very speculative and carry a significant risk of capital loss.

– Contingent convertible bonds (so-called CoCo Bonds) are fixed-income securities with embedded options that financially benefit the issuer, by which a fixed-income se-curity is converted into an equity when certain pre-deter-mined conditions are met. Investments in contingent con-vertible bonds may be adversely impacted depending on the occurrence of specific security features or triggers, linked to regulatory capital minimums, and where the is-suer’s regulatory authorities express doubts regarding the creditworthiness of the issuer. In such adverse sce-narios, the value of such securities could be written down temporarily or permanently and/or coupons cancelled or deferred in order to help the issuer to absorb losses (loss absorption risk). The value of CoCo Bonds could also be unpredictable in the event of such securities being con-verted into equities at a discounted share price as per pre-determined rules specific to each issue and dis-closed in the issuer’s prospectus (conversion risk). If the securities are converted into equity following a conver-sion event, holders would become more subordinated as they become the holder of an equity investment versus holding a debt investment. Further risks of investing in CoCo Bonds are capital structure inversion risk, call ex-tension risk and liquidity risk.

– Investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds and distressed se-curities. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– Liquidity risk refers to the inability of a Sub-Fund to sell a security or liquidate a position at its fair value. A common consequence of reduced liquidity of a security or position is an additional discount on the price to sell or liquidate a position that may lead to a wider bid-ask spread as com-pared to the bid-ask spread for more liquid securities. In addition, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet redemption re-quests, or to meet liquidity needs in response to a spe-cific economic event in a timely manner. Liquidity risk may increase in the context of derivative transactions where positions may need to be liquidated to post addi-tional collateral to a counterparty e.g. to meet a margin call, following asset price movements. Such liquidity de-mands may arise regardless of whether a derivative is being used to increase exposure or to hedge risks.

– Currency trading is highly speculative and is strongly de-pendent on the skills of the Investment Manager to cor-rectly forecast the evolution of various currencies. If such

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1242417589 X USD accumulating Institutional 0.010% - 30.06.2015 0.430% 0.425% no

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forecasts in respect of the relevant currency pair prove to be inaccurate, the Sub-Fund suffers a loss. Active cur-rency trading can therefore lead to substantial losses.

– Volatility trading is very speculative and is strongly de-pendent on the skills of the Investment Manager to fore-cast both future realized market volatility and option-im-plied volatility. If such forecasts prove to be inaccurate, the Sub-Fund suffers a loss. Active volatility trading can therefore lead to substantial losses.

– Investments in alternative assets can be very specula-tive. Before investing in the sub-fund, the investors should consider that it cannot be ruled out that the recov-ered amount will be less than the amount originally in-vested or even that the investment will suffer a total loss.

– Investments in fixed-income securities and alternative in-vestments are subject to price fluctuations at all times. Investments in foreign currencies are also subject to cur-rency fluctuations.

– The Sub-Fund’s investments may be subject to Sustaina-

bility Risks.

The Investment Manager’s integration of Sustainability -Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes. While no asset is excluded from investment due solely to Sustainability Risks the In-vestment Manager must con-clude that any risk revealed, including Sustainability Risks, as part of the ESG research are adequately com-pensated by the assets expected return. More infor-mation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

6 Risk classification The Sub-Fund will apply the absolute value at risk method (absolute VaR) to determine the global risk entailed in its in-vestments.

The global risk for the Sub-Fund will not at any time exceed 20% of the Sub-Fund's net assets.

The leverage achieved for investment purposes in the Sub-Fund through the use of derivative financial instruments is cal-culated using the notional approach. The sum of notionals leverage achieved over the course of the year is expected to be around 500% or less of the net assets of the Sub-Fund. However, the actual sum of notionals leverage achieved on average may be above or below this value.

The Sub-Fund uses multi-leg option strategies and currency forwards. Whilst measurement of the actual economic risk from these strategies should be based on netting the constitu-ent positions, the sum of notionals leverage is the sum of the

absolute notionals of the constituent derivatives contracts without netting. For example, a limited loss “put spread” op-tion strategy may consist of a long put option, that generates a profit when the reference underlier falls in value, combined with a short put option that generates a loss when the refer-ence underlier falls in value, in such a way as to only gener-ate a limited gain, at a fixed, upfront cost. Whilst the net lever-age of such a strategy is a fraction of the leverage due to either constituent put option, the sum of notionals leverage is arrived at by summing the absolute notional value of the short put and the absolute notional value of the long put, which could be many multiples of the net leverage. The difference between net leverage and the sum of notionals leverage reaches an extreme in the case of a pair of economically per-fectly offsetting option contracts (i.e. zero net notional, zero market risk and zero net leverage) which have a sum of no-tionals leverage equal to the sum of their respective absolute notionals.

In the same way that the economic neutralizing of an open option contract via an equal and opposite option contract re-sults in a sum of notionals leverage equal to twice the notional of each option contract, the industry standard procedure for closing out FX forward contracts and re-establishing the FX forward exposure to a new forward date results in a sum of notionals leverage equal to three times the notional of the original FX forward. The increase in sum of notionals leverage due to rolling forward or closing out positions can result in a significant variability of this metric over time.

Average leverage may further arise from so-called relative value trades. In these types of trades long positions in securi-ties or eligible derivatives are combined with short positions in eligible derivatives to achieve a net gain via relative price ap-preciation of the underlying long asset and relative price de-preciation of the underlying short position. Where such strate-gies are implemented through underlying instruments that normally exhibit a low level of volatility, such as fixed-income securities, larger notional position sizes may be entered into by the Investment Manager which, in turn, may result in higher levels of average leverage.

It should also be noted that the levels of the sum of notionals leverage might vary quite significantly over time depending on market environment, where the Investment Manager may de-cide to increase the Sub-Fund's use of derivatives either to hedge market risks or benefit from investment opportunities. Although this value must be stated, it does not permit any meaningful inference to be drawn as to the risk generated by the leverage.

7 Benchmark The Sub-Fund is actively managed and is not managed with reference to a benchmark.

8 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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36 Vontobel Fund – Global Corporate Bond

1 Reference currency USD

2 Investment objective and policy Vontobel Fund – Global Corporate Bond (the Sub-Fund) aims to achieve the best possible investment returns by investing primarily in global investment grade corporate debt securities while respecting the principle of risk diversification.

At least two thirds of the Sub-Fund’s assets shall be exposed to the fixed-income asset class by purchasing bonds and other fixed-interest and floating-rate securities denominated in freely convertible currencies, including preferred structures and securities with embedded derivatives, such as convertible bonds, contingent convertible bonds (so-called “CoCo Bonds”), asset-backed securities and mortgage-backed secu-rities (“ABS/MBS”), as well as bonds with warrants, issued by public or private borrowers worldwide which have a Standard & Poor's rating of between A+ and BBB- or an equivalent rat-ing from another recognized rating agency.

The exposure of the Sub-Fund to CoCo Bonds shall not ex-ceed 10% of the Sub-Fund's net assets.

In addition, the Sub-Fund's exposure to ABS/MBS may not exceed 10% of its net assets.

Up to 33% of the Sub-Fund's net assets may be exposed to money-market instruments, cash, equities. Equity investments are only allowed on a passive basis, as a result of a conver-sion event for CoCo Bonds.

The Sub-Fund may invest in below investment grade debt se-curities. For bond investments below BBB-, the Sub-Fund’s investments are to be limited to securities rated from a Stand-ard & Poor’s BB+ to BB- (or an equivalent rating from another

rating agency) at the time of investment. In case investments suffer downgrades below that BB- limit, existing investments can be kept on a passive basis only, to avoid forced selling situations and preserve capital values.

The Sub-Fund may invest in assets denominated in various currencies. However, a substantial part of the assets of the Sub-Fund will be denominated in or hedged into USD.

The exposure to the above asset classes may also be estab-lished indirectly via derivative instruments, traded on an ex-change or over-the-counter. These instruments may include, but shall not be limited to forex forwards and futures, non-de-liverable forwards, futures, including volatility futures, swaps, including total return swaps, interest rate swaps and cross currency swaps, as well as options, including warrants and swaptions. In addition, the Sub-Fund may enter into credit de-rivative contracts, such as credit default swaps by buying or selling protection on reference indices or single names.

The derivatives may also be used for hedging purposes.

3 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1395536169 AH (hedged) CHF distributing Retail 0.050% - 09.05.2016 1.100% 1.100% noLU1683488198 AHN (hedged) CHF distributing Retail 0.050% - 12.10.2017 0.825% 0.340% noLU2269201377 H (hedged) CHF accumulating Retail 0.050% - 18.12.2020 1.100% 1.100% noLU1831168353 HG (hedged) CHF accumulating Institutional 0.010% 50'000'000 29.06.2018 0.550% 0.340% noLU1395536912 HI (hedged) CHF accumulating Institutional 0.010% - 09.05.2016 0.550% 0.380% noLU2269201450 HN (hedged) CHF accumulating Retail 0.050% - 18.12.2020 0.825% 0.340% noLU2054206813 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.100% 0.250% noLU1395536243 AH (hedged) EUR distributing Retail 0.050% - 09.05.2016 1.100% 1.100% noLU1395536326 AHI (hedged) EUR distributing Institutional 0.010% - 09.05.2016 0.550% 0.380% noLU1683488271 AHN (hedged) EUR distributing Retail 0.050% - 12.10.2017 0.825% 0.340% noLU1395536755 H (hedged) EUR accumulating Retail 0.050% - 09.05.2016 1.100% 1.100% noLU1395536839 HC (hedged) EUR accumulating Retail 0.050% - 09.05.2016 1.600% 1.600% noLU1291112750 HG (hedged) EUR accumulating Institutional 0.010% 50'000'000 29.10.2015 0.550% 0.340% noLU1395537050 HI (hedged) EUR accumulating Institutional 0.010% - 09.05.2016 0.550% 0.380% noLU1734078667 HN (hedged) EUR accumulating Retail 0.050% - 11.12.2017 0.825% 0.340% noLU2207973418 AQHN (hedged) GBP distributing Retail 0.050% - 14.08.2020 0.825% 0.340% noLU1395536086 A USD distributing Retail 0.050% - 09.05.2016 1.100% 1.100% noLU1683487976 AN USD distributing Retail 0.050% - 12.10.2017 0.825% 0.340% noLU1395536599 B USD accumulating Retail 0.050% - 09.05.2016 1.100% 1.100% noLU1395536672 C USD accumulating Retail 0.050% - 09.05.2016 1.600% 1.600% noLU1309987045 G USD accumulating Institutional 0.010% 50'000'000 29.10.2015 0.550% 0.340% noLU1395537134 I USD accumulating Institutional 0.010% - 09.05.2016 0.550% 0.380% noLU1683487893 N USD accumulating Retail 0.050% - 12.10.2017 0.825% 0.340% noLU1435047193 R USD accumulating Retail 0.050% - 01.07.2016 1.100% 0.250% no

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4 Typical investor profile The Sub-Fund is aimed at private and institutional investors with a medium- to long-term investment horizon who wish to invest in a broadly diversified portfolio of primarily global in-vestment grade corporate debt securities in order to achieve an appropriate income and capital gain, while being aware of the associated price fluctuations.

5 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Trading volumes in certain international bond markets may be appreciably below that of the world's largest mar-kets. Accordingly, investments in such markets may be less liquid and their prices may be more volatile than comparable investments in securities trading in larger markets. Moreover, the settlement periods in certain markets may be longer than in others which may affect portfolio liquidity;

– Changes to the financial wealth of the issuer of the fixed income securities may adversely affect their value, may affect their liquidity and make it difficult for the Sub-Fund to sell them;

– The attention of the investors is drawn to the fact that the structure of ABS/MBS and the pools backing them are often intransparent and the Sub-Fund may be ex-posed to greater credit and prepayment risks (extension or con-traction risks) depending on which tranche of ABS/MBS is purchased by the Sub-Fund.

– Investments in high-yield bonds are more risky and gen-erally considered to constitute more speculative invest-ments. These bonds comprise a higher credit risk, higher price fluctuations, a higher risk of loss of capital deployed and of ongoing earnings than bonds with a higher credit rating. The high-yield bonds are generally more sensitive to the changes in the macroeconomic conditions. The spread to the higher rated securities tends to widen dur-ing the economic slowdown and recession and to tighten during the economic upswing. Higher coupon payable to the high-yield bondholders is considered a compensation for a higher degree of risk taken by the investors;

– High yield securities may be subject to greater price vola-tility due to such factors as specific corporate develop-ments, interest rate sensitivity, general negative percep-tions of the junk bond markets. Trading volumes for high yield securities are generally lower, and as a conse-quence the secondary market for such securities is not as liquid as that for higher-rated securities. The second-ary market for such securities could contract under ad-verse market or economic conditions more than the sec-ondary market for higher-rated securities, independent of any specific adverse changes in the condition of a partic-ular issuer. These factors may have an adverse effect on the ability to dispose of particular high yield securities, the ability to obtain precise valuations, or may require a higher discount as compared to higher rated securities.

– Contingent convertible bonds (so-called CoCo Bonds) are fixed-income securities with embedded options that financially benefit the issuer, by which a fixed-income se-curity is converted into an equity when certain pre-deter-mined conditions are met. Investments in contingent con-vertible bonds may be adversely impacted depending on the occurrence of specific security features or triggers, linked to regulatory capital minimums, and where the is-suer’s regulatory authorities express doubts regarding the creditworthiness of the issuer. In such adverse sce-narios, the value of such securities could be written down temporarily or permanently and/or coupons cancelled or deferred in order to help the issuer to absorb losses (loss absorption risk). The value of CoCo Bonds could also be unpredictable in the event of such securities being con-verted into equities at a discounted share price as per pre-determined rules specific to each issue and dis-closed in the issuer’s prospectus (conversion risk). If the securities are converted into equity following a conver-sion event, holders would become more subordinated as they become the holder of an equity investment versus holding a debt investment. Further risks of investing in CoCo Bonds are capital structure inversion risk, call ex-tension risk and liquidity risk.

– The investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– Liquidity risk refers to the inability of a Sub-Fund to sell a security or liquidate a position at its fair value. A common consequence of reduced liquidity of a security resp. of a position is an additional discount on the selling resp. liq-uidation price leading to a wider bid-ask spread as com-pared to the bid-ask spread charged by the brokers to similar securities which have, however, higher liquidity. In addition, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet redemption re-quests, or to meet liquidity needs in response to a spe-cific economic event in a timely manner.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must con-clude that any risk revealed, including Sustainability Risks, as part of the ESG research are adequately com-pensated by the assets expected return. More infor-mation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due

146/181 Vontobel

to the mitigating nature of the Sub-Fund’s ESG ap-proach.

6 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

7 Benchmark The Sub-Fund is actively managed. Its benchmark is the ICE BofAML Global Corporate Index (USD hedged) and is used to compare the performance of the Sub-Fund. For the purpose of performance comparison for hedged share classes, a hedged variant of the benchmark in the relevant share class currency may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

8 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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37 Vontobel Fund – Emerging Markets Blend

1 Reference currency USD

2 Investment objective and policy Vontobel Fund – Emerging Markets Blend (the Sub-Fund) aims to achieve the best possible investment returns in USD.

While respecting the principle of risk diversification, the Sub-Fund shall build up an exposure of at least two-thirds of its as-sets to the fixed-income asset class by purchasing bonds, notes and similar fixed-interest, variable-rate and floating-rate securities, including distressed securities, convertibles and contingent convertibles as well as warrant bonds, issued or guaranteed by government or government-related, supra-na-tional or corporate issuers domiciled in, having their business activity in or exposed to emerging markets. The securities may be issued in any currency.

Investment instruments do not have necessarily to have any or any specific rating (S&P, Moody’s or Fitch). The invest-ments shall be made in a broad range of rating categories, in particular in the high yield sector, including distressed securi-ties.

The exposure to the high yield sector of the fixed-income as-set class may be established up to 100% of the Sub-Fund’s net assets.

In addition, the Sub-Fund may purchase contingent converti-ble bonds (so-called CoCo Bonds) up to 20% of its net as-sets.

Further, the Sub-Fund may build up an exposure to non-rated securities up to 30% of its net assets.

A maximum of 25% of the Sub-Fund's net assets may be ex-posed to convertible bonds and warrant bonds.

Exposure to distressed securities (i.e. securities that are typi-cally rated with a Standard & Poor’s rating below CCC- (or an equivalent rating from another rating agency)) may not ex-ceed 10% of the Sub-Fund’s net assets.

The exposure to asset-backed and mortgage-backed securi-ties may not exceed 20% of the Sub-Fund's net assets.

Emerging markets in connection with this Sub-Fund are all countries other than Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ire-land, Italy, Japan, Luxembourg, Monaco, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom and the United States of America.

Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe.

The Sub-Fund may also buy money-market instruments and hold cash up to 33% of its net assets.

Currency risk may be actively managed by increasing or de-creasing currency exposure through the use of financial deriv-ative instruments.

The exposure to the above asset class may also be achieved indirectly via derivatives, traded on an exchange or over-the-counter, in particular forex forwards, futures (including inter-est-rate futures), swaps (in particular credit default swaps and interest rate swaps), as well as options.

Derivatives can also be used for hedging purposes.

3 Single swing pricing The Sub-Fund is subject to single swing pricing and may ap-ply a Single Swing Pricing Factor of up to 3% of the net asset value.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile The Sub-Fund is aimed at private and institutional investors with a medium- to long-term investment horizon who wish to invest in a broadly diversified portfolio of medium- and long-term fixed-interest and variable-rate and floating-rate securi-ties issued by issuers domiciled in, having their business ac-tivity in or exposed to emerging markets and to achieve an

appropriate income and capital gain, while being aware of the associated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1896847891 HI (hedged) CHF accumulating Institutional 0.010% - 26.10.2018 0.625% 0.625% noLU2054206144 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.250% 0.250% noLU1896848279 HS (hedged) CHF accumulating Institutional 0.010% - 13.11.2018 0.000% 0.000% noLU2001997159 PHS (partially hedged) CHF accumulating Institutional 0.010% - 05.07.2019 0.000% 0.000% noLU1896847628 HI (hedged) EUR accumulating Institutional 0.010% - 26.10.2018 0.625% 0.625% noLU1922347866 A USD distributing Retail 0.050% - 19.12.2018 1.250% 1.250% noLU1963342115 B USD accumulating Retail 0.050% - 28.03.2019 1.250% 1.250% noLU1256229680 I USD accumulating Institutional 0.010% - 24.08.2015 0.625% 0.625% noLU1896847974 R USD accumulating Retail 0.050% - 26.10.2018 1.250% 0.250% no

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– Distressed securities are the securities of issuers that are in financial distress or near bankruptcy, typically with a Standard & Poor´s rating below CCC- (or an equivalent rating from another agency). Investments in distressed securities are very speculative and their outcome strongly depends on the securities selection skills of the portfolio manager. In the case of the favorable outcome, the investment may yield an attractive return as the dis-tressed securities may experience too high discount in their price which is not justified by the fair value of this security. In the reversed case, the total loss may be suf-fered by the investment if the issuer of the security goes bankrupt and investors do not receive any repayment on their borrowings. Distressed securities not only exhibit a higher degree of risk as compared to the risks inherent to the conventional investments in fixed-income securities, but also modify the importance of those and even become subject to risk types which are almost irrelevant for the debt securities of good standing.

– In the sector of the distressed securities, a judicial risk gains importance (so-called “J-risk”). As stated above, the distressed securities may be involved in the bank-ruptcy process. During this process, it is usual that sev-eral court trials take place. Particular risks arise resulting from the uncertainty of the outcome of this trials, in par-ticular out of the decisions made by the relevant judge.

– Investments in high-yield bonds are more risky and gen-erally considered to constitute more speculative invest-ments. These bonds comprise a higher credit risk, higher price fluctuations, a higher risk of loss of capital deployed and of ongoing earnings than bonds with a higher credit rating. The high-yield bonds are generally more sensitive to the changes in the macroeconomic conditions. The spread to the higher rated securities tends to widen dur-ing the economic slowdown and recession and to tighten during the economic upswing. Higher coupon payable to the high-yield bond holders is considered a compensa-tion for a higher degree of risk taken by the investors.

– Liquidity risk is very important in the high yield bond area, in particular for the distressed securities. Given that many investors are not willing or even not allowed to hold distressed securities, the trading of these securities dete-riorates drastically once a security becomes distressed. This may lead to drying up of the market, so that the li-quidity risk may even become the most prominent risk for this type of the securities.

Liquidity risk refers to the inability of the Sub-Fund to sell a security or liquidate a position at its fair value. A com-mon consequence of reduced liquidity of a security resp. of a position is an additional discount on the selling resp. liquidation price leading to a wider bid-ask spread as compared to the bid-ask spread charged by the brokers to similar securities which have higher liquidity. In addi-tion, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet redemption requests, or to meet liquidity needs in response to a specific eco-nomic event in a timely manner.

– Contingent convertible bonds (so-called CoCo Bonds) are hybrid fixed-income instruments with embedded de-rivatives. The embedded derivative is executed automati-cally upon a certain pre-defined event or a set of events at the pre-determined conversion rate (so-called, trigger). The outcome of the conversion is that a fixed-income se-curity is converted into an equity. This conversion may be detrimental for the investors as the equity holder are subordinated to the holders of the fixed-income securities and absorb all the losses in case of the total loss. An in-vestment in a CoCo Bond can, therefore, experience a total loss. Individual design of each single CoCo Bond may bring additional risks which may be significant depending on their level and/ or their combination. These risks may in-clude the following: Trigger level risk (i.e. depending on the trigger level in the relevant issue (i.e. the distance be-tween the capital ratio and the trigger level)); coupon cancellation and their write-off (i.e. given that the CoCo Bonds are structured in a way that coupon payments are entirely discretionary, the cancellation may happen at any time and even in a going concern without triggering an event of default); capital structure inversion risk (i.e. CoCo Bonds investors may suffer a loss of capital even when equity holders do not); call extension risk: CoCo Bonds are issued as perpetual instruments, callable at predetermined levels only with the approval of the com-petent authority; liquidity risk: The issuance of Coco Bonds is generally limited by regulatory prescriptions, whereas investor base demand may further increase. This might lead to a limited trading market and, besides financial weakness of the issuer, legal or contractual re-strictions on resale or transfer, political or other reason, entail reduced liquidity of the CoCo Bonds held by the Sub-Fund. A consequence of reduced liquidity of a secu-rity is an additional discount on the selling respectively liquidation price. In addition, reduced liquidity may ac-count for an adverse impact on the ability of the Sub-Fund(s) to meet redemption requests, or to meet liquidity needs in response to a specific economic event in a timely manner. The investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– Investments may be made in countries where the local capital markets may not yet qualify as recognized mar-kets within the meaning of the investment restrictions set out in this Sales Prospectus;

– This Sub-Fund's investments may be subject to a higher degree of risk. The economies of emerging markets are generally volatile. This Sub-Fund's investments in certain emerging markets may also be adversely affected by po-litical developments and/or changes in local laws, taxes and exchange controls. Finally, in some countries, it is difficult to clearly identify what conditions of ownership apply to certain companies as a result of ongoing privati-zation processes;

149/181 Vontobel

The procedures for settling securities transactions are associated with higher risks in the emerging markets than in developed markets. These higher risks are partly due to the fact that the Sub-Fund must use brokers and counterparties which do not have a very high level of capitalization, and the safekeeping of assets may in some countries be undependable, so that upon subscrip-tion or redemption, Fund shares may be worth less, or more, than at the time they were created.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must con-clude that any risk revealed, including Sustainability Risks, as part of the ESG research are adequately com-pensated by the assets expected return. More infor-mation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

7 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the commitment approach.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the J.P. Morgan EM Blended (JEMB) Equal Weighted and is used to compare the performance of the Sub-Fund.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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38 Vontobel Fund – Emerging Markets Corporate Bond

1 Reference currency USD

2 Investment objective and policy Vontobel Fund – Emerging Markets Corporate Bond (the Sub-Fund) aims to achieve the best possible investment returns in USD.

While respecting the principle of risk diversification, the Sub-Fund's assets are primarily exposed to the fixed-income asset class by purchasing bonds, notes and similar fixed-interest rate and floating-rate securities, including distressed securi-ties, convertibles and contingent convertibles as well as war-rant bonds, denominated in hard currencies, as defined be-low, and issued or guaranteed by corporate or government, government-related and supra-national issuers domiciled in, having their business activity in or exposed to emerging mar-kets.

Investment instruments do not have necessarily to have any or any specific rating (S&P, Moody’s or Fitch). The invest-ments shall be made in a broad range of rating categories, in particular in the high yield sector, including distressed securi-ties.

The exposure to the high yield sector of the fixed-income as-set class may be established up to 100% of the Sub-Fund’s net assets.

In addition, the Sub-Fund may be exposed to contingent con-vertible bonds (so-called CoCo Bonds) up to 20% of its net assets.

Further, the Sub-Fund may build up an exposure to non-rated securities up to 30% of its net assets.

A maximum of 25% of the Sub-Fund's assets may be ex-posed to convertible bonds and warrant bonds.

Exposure to distressed securities (i.e. securities that are typi-cally rated with a Standard & Poor’s rating below CCC- (or an equivalent rating from another rating agency)) may not ex-ceed 10% of the Sub-Fund’s net assets.

The exposure to asset-backed and mortgage-backed securi-ties may not exceed 20% of the Sub-Fund's net assets.

"Hard currency" means currencies of economically developed and politically stable countries that are OECD members.

Emerging markets in connection with this Sub-Fund are all countries other than Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ire-land, Italy, Japan, Luxembourg, Monaco, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom and the United States of America.

Up to 33% of the Sub-Fund's assets may be exposed to asset classes or instruments outside the aforementioned investment universe.

The Sub-Fund may also buy money-market instruments and hold cash up to 33% of its net assets.

Currency or credit risk may be actively managed by increas-ing or decreasing currency or credit exposure through the use of derivative financial instruments. Furthermore, interest rate risk may be actively managed by increasing or decreasing in-terest rate sensitivity (duration) through the use of financial derivative instruments.

The exposure to the above asset classes may be established also indirectly via financial derivative instruments, traded on exchange or over-the-counter and may include, but are not limited to forwards and futures, in particular foreign exchange forwards and futures, options and swaps, in particular credit default swaps and interest rate swaps.

The derivatives may also be used for the purposes of hedg-ing.

3 Single swing pricing The Sub-Fund is subject to single swing pricing and may ap-ply a Single Swing Pricing Factor of up to 3% of the net asset value.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The Share Classes of the Sub-Fund may also be charged a Performance Fee. The fee shall be calculated pursuant to section 20 "Fees and expenses" of the General Part with the following stipulations:

Performance Fee No more than 10% of outperformance

Calculation HWM Principle and Hurdle Rate Princi-ple (cumulatively)

High Water Mark HWM with 5-year reset on a rolling ba-sis

Hurdle Rate J.P. Morgan CEMBI Broad Diversified Crystallization fre-quency/date Financial year (31 August)

Performance Reference Pe-riod 5 years

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

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The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile The Sub-Fund is aimed at private and institutional investors with a medium- to long-term investment horizon who wish to invest in a broadly diversified portfolio of medium- and long-term fixed interest rate and variable rate and floating rate se-curities and to achieve an appropriate income and capital gain, while being aware of the associated price fluctuations.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Distressed securities are the securities of issuers that are in financial distress or near bankruptcy, typically with a Standard & Poor´s rating below CCC- (or an equivalent rating from another agency). Investments in distressed securities are very speculative and their outcome strongly depends on the securities selection skills of the portfolio manager. In the case of the favourable outcome, the investment may yield an attractive return as the dis-tressed securities may experience too high discount in their price which is not justified by the fair value of this security. In the reversed case, the total loss may be suf-fered by the investment if the issuer of the security goes bankrupt and investors do not receive any repayment on their borrowings. Distressed securities not only exhibit a higher degree of risk as compared to the risks inherent to the conventional investments in fixed-income securities, but also modify the importance of those and even become subject to risk types which are almost irrelevant for the debt securities of good standing.

– In the sector of the distressed securities, a judicial risk gains importance (so-called “J-risk”). As stated above, the distressed securities may be involved in the bank-

ruptcy process. During this process, it is usual that sev-eral court trials take place. Particular risks arise resulting from the uncertainty of the outcome of this trials, in par-ticular out of the decisions made by the relevant judge.

– Investments in high-yield bonds are more risky and gen-erally considered to constitute more speculative invest-ments. These bonds comprise a higher credit risk, higher price fluctuations, a higher risk of loss of capital deployed and of ongoing earnings than bonds with a higher credit rating. The high-yield bonds are generally more sensitive to the changes in the macroeconomic conditions. The spread to the higher rated securities tends to widen dur-ing the economic slowdown and recession and to tighten during the economic upswing. Higher coupon payable to the high-yield bond holders is considered a compensa-tion for a higher degree of risk taken by the investors.

– Liquidity risk is very important in the high yield bond area, in particular for the distressed securities. Given that many investors are not willing or even not allowed to hold distressed securities, the trading of these securities dete-riorates drastically once a security becomes distressed. This may lead to drying up of the market, so that the li-quidity risk may even become the most prominent risk for this type of the securities.

Liquidity risk refers to the inability of the Sub-Fund to sell a security or liquidate a position at its fair value. A com-mon consequence of reduced liquidity of a security resp. of a position is an additional discount on the selling resp. liquidation price leading to a wider bid-ask spread as compared to the bid-ask spread charged by the brokers to similar securities which have higher liquidity. In addi-tion, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet redemption requests, or to meet liquidity needs in response to a specific eco-nomic event in a timely manner.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU2269200726 AHN (hedged) CHF distributing Retail 0.050% - 16.12.2020 0.825% 0.550% noLU1944396107 H (hedged) CHF accumulating Retail 0.050% - 16.12.2020 1.100% 1.100% noLU1923148958 HI (hedged) CHF accumulating Institutional 0.010% - 08.01.2019 0.550% 0.550% noLU2269200999 HN (hedged) CHF accumulating Retail 0.050% - 16.12.2020 0.825% 0.550% noLU2054206227 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.100% 0.250% noLU2307042361 AHI (hedged) EUR distributing Institutional 0.010% - 25.03.2021 0.550% 0.550% noLU2040068731 AQH (hedged) Gross EUR distributing Retail 0.050% - 05.09.2019 1.100% 1.100% noLU1944396289 H (hedged) EUR accumulating Retail 0.050% - 28.03.2019 1.100% 1.100% noLU1750111533 HI (hedged) EUR accumulating Institutional 0.010% - 19.01.2018 0.550% 0.550% noLU2171257319 HN (hedged) EUR accumulating Retail 0.050% - 19.05.2020 0.825% 0.550% noLU2128042749 AQHN (hedged) GBP distributing Retail 0.050% - 13.03.2020 0.825% 0.550% noLU2033400107 A USD distributing Retail 0.050% - 29.08.2019 1.100% 1.100% noLU1984203957 AI USD distributing Institutional 0.010% - 07.05.2019 0.550% 0.550% noLU2040068657 AQ Gross USD distributing Retail 0.050% - 05.09.2019 1.100% 1.100% noLU1882612051 AQ1 USD distributing Retail 0.050% - 04.10.2018 1.700% 1.500% noLU2066061776 AQ1 Gross USD distributing Retail 0.050% - 19.11.2019 1.700% 1.500% noLU1882612309 AQC1 USD distributing Retail 0.050% - 04.10.2018 2.000% 1.800% noLU2066061859 AQC1 Gross USD distributing Retail 0.050% - 19.11.2019 2.000% 1.800% noLU1914926925 AQN USD distributing Retail 0.050% - 30.11.2018 0.825% 0.550% noLU1750111707 B USD accumulating Retail 0.050% - 19.01.2018 1.100% 1.100% noLU1882612135 B1 USD accumulating Retail 0.050% - 04.10.2018 1.700% 1.500% noLU1882612218 C1 USD accumulating Retail 0.050% - 04.10.2018 2.000% 1.800% noLU1305089796 I USD accumulating Institutional 0.010% - 13.11.2015 0.550% 0.550% noLU1750111616 N USD accumulating Retail 0.050% - 19.01.2018 0.825% 0.550% noLU1646585627 R USD accumulating Retail 0.050% - 21.07.2017 1.100% 0.250% noLU2046631813 S USD accumulating Institutional 0.010% - 13.09.2019 0.000% 0.000% noLU1882612481 U1 USD accumulating Retail 0.050% 04.10.2018 0.825% 0.700% noLU2040068814 UAQ1 Gross USD distributing Retail 0.050% - 05.09.2019 0.825% 0.700% no

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– Contingent convertible bonds (so-called CoCo Bonds) are hybrid fixed-income instruments with embedded de-rivatives. The embedded derivative is executed automati-cally upon a certain pre-defined event or a set of events at the pre-determined conversion rate (so-called, trigger). The outcome of the conversion is that a fixed-income se-curity is converted into an equity. This conversion may be detrimental for the investors as the equity holder are subordinated to the holders of the fixed-income securities and absorb all the losses in case of the total loss. An in-vestment in a CoCo Bond can, therefore, experience a total loss. Individual design of each single CoCo Bond may bring additional risks which may be significant depending on their level and/ or their combination. These risks may in-clude the following: Trigger level risk (i.e. depending on the trigger level in the relevant issue (i.e. the distance be-tween the capital ratio and the trigger level)); coupon cancellation and their write-off (i.e. given that the CoCo Bonds are structured in a way that coupon payments are entirely discretionary, the cancellation may happen at any time and even in a going concern without triggering an event of default); capital structure inversion risk (i.e. CoCo Bonds investors may suffer a loss of capital even when equity holders do not); call extension risk: CoCo-Bonds are issued as perpetual instruments, callable at predetermined levels only with the approval of the com-petent authority; liquidity risk: The issuance of Coco Bonds is generally limited by regulatory prescriptions, whereas investor base demand may further increase. This might lead to a limited trading market and, besides financial weakness of the issuer, legal or contractual re-strictions on resale or transfer, political or other reason, entail reduced liquidity of the CoCo Bonds held by the Sub-Fund. A consequence of reduced liquidity of a secu-rity is an additional discount on the selling respectively liquidation price. In addition, reduced liquidity may ac-count for an adverse impact on the ability of the Sub-Fund to meet redemption requests, or to meet liquidity needs in response to a specific economic event in a timely manner. The investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– Investments may be made in countries where the local capital markets may not yet qualify as recognized mar-kets within the meaning of the investment restrictions set out in this Sales Prospectus;

– This Sub-Fund's investments may be subject to a higher degree of risk. The stock markets and the economies of emerging markets are generally volatile. This Sub-Fund's investments in certain emerging markets may also be ad-versely affected by political developments and/or changes in local laws, taxes and exchange controls. Fi-nally, in some countries, it is difficult to clearly identify what conditions of ownership apply to certain companies as a result of ongoing privatization processes;

The procedures for settling securities transactions are associated with higher risks in the emerging markets than in developed markets. These higher risks are partly due to the fact that the Sub-Fund must use brokers and counterparties which do not have a very high level of capitalization, and the safekeeping of assets may in some countries be undependable, so that upon subscrip-tion or redemption, Fund shares may be worth less, or more, than at the time they were created.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes. While no asset is excluded from investment due solely to Sustainability Risks the Investment Manager must con-clude that any risk revealed, including Sustainability Risks, as part of the ESG research are adequately com-pensated by the assets expected return. More infor-mation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

7 Risk classification The Sub-Fund will apply the commitment approach to deter-mine the global risk entailed in its investments.

8 Benchmark The Sub-Fund is actively managed. Its benchmark is the J.P. Morgan CEMBI Broad Diversified and is also used to com-pare the performance of the Sub-Fund. For the purpose of performance comparison for hedged share classes, a hedged variant of the benchmark in the relevant share class currency may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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39 Vontobel Fund – TwentyFour Absolute Return Credit Fund

1 Reference currency GBP

2 Investment objective and policy Vontobel Fund – TwentyFour Absolute Return Credit Fund (the Sub-Fund) aims to achieve a positive absolute return in any market environment over a period of 3 years by keeping a modest level of volatility.

The Sub-Fund promotes environmental or social characteris-tics, but does not have as its objective sustainable invest-ment, in accordance with Article 8 SFDR.

The Sub-Fund will be screened in accordance with the Invest-ment Manager’s view of appropriate sustainability parameters as measured in the Investment Manager’s proprietary Envi-ronmental (“E”) and Social (“S”) scoring model.

The Sub-Fund promotes environmental and social character-istics by following integration and exclusions approaches by investing in debt securities of companies with strong Environ-mental, Social and Governance ratings.

The Investment Manager applies its proprietary scoring model to calculate an issuer’s E and S combined score. If issuers have an E and S combined score below a minimum threshold they will not be considered for investment. Further information on the E and S scoring model, and the ESG approach can be found at twentyfouram.com/responsible-investment.

Companies must have a combined E and S score above a minimum threshold based on the Investment Manager’s pro-prietary ESG scoring model. The investment universe con-sists of all companies that issue debt securities to the capital markets and securitisations offered in the capital markets. 100% of the securities in the Sub-Fund have the scoring model applied to it. Main methodological limits are described in section 5 “Risk factors”.

Compliance with the environmental and social characteristics is monitored at all times. The investee companies are rated for good governance aspects using governance factors de-scribed in the Investment Manager’s ESG model, including but not limited to membership of the UN PRI and UN Global Compact.

While respecting the principle of risk diversification, the Sub-Fund's assets are mainly exposed to the fixed-income asset class by investing in bonds and similar fixed-interest and float-ing-rate securities issued by corporate issuers rated with in-vestment grade (i.e. at least BBB- (S&P and Fitch), Baa3

(Moody's) or a comparable rating of another recognized rating agency).

The exposure to asset-backed securities may not exceed 20% of the Sub-Fund's assets.

In addition, the Sub-Fund may be exposed to contingent con-vertible bonds (so-called CoCo Bonds) up to 20% of its net assets.

Up to 33% of the Sub-Fund's assets may be exposed outside of the aforementioned investment universe, in particular to fixed-income securities issued or guaranteed by government, government-related and supra-national issuers or to high yield bonds.

The Sub-Fund may also buy money-market instruments and hold cash. In adverse market conditions, the Sub-Fund is al-lowed to be exposed up to 100% of its net assets to securities issued or guaranteed by government, government-related and supra-national issuers as well as to money-market instrument or cash.

Geographically, the issuers are domiciled worldwide with the focus on European borrowers, including Russia, whereby the exposure to emerging markets, excluding Russia, may not ex-ceed 20% of the Sub-Fund's assets.

The exposure to the above asset classes may be also estab-lished indirectly via derivatives, traded on an exchange or over-the-counter. Such derivatives shall include, but not be limited to forwards, futures, options (including currency op-tions), swaps, including interest rate and currency swaps as well as credit derivatives, such as credit default swaps.

The derivatives can also be used for hedging purposes.

3 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

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The exact amount of remuneration paid is provided in the semi-annual and annual report.

4 Typical investor profile The Sub-Fund is aimed at retail and institutional investors with a short – to medium-term investment horizon looking for greater certainty of return with lower volatility, and who seek an investment which promotes environmental and social char-acteristics.

5 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Contingent convertible bonds (so-called CoCo Bonds) are hybrid fixed-income instruments with embedded de-rivatives. The embedded derivative is executed automati-cally upon a certain pre-defined event or a set of events at the pre-determined conversion rate (so-called, trigger). The outcome of the conversion is that a fixed-income se-curity is converted into an equity. This conversion may be detrimental for the investors as the equity holder are subordinated to the holders of the fixed-income securities and absorb all the losses in case of the total loss. An in-vestment in a CoCo Bond can, therefore, experience a total loss. Individual design of each single CoCo Bond may bring additional risks which may be significant depending on their level and/ or their combination. These risks may in-clude the following: Trigger level risk (i.e. depending on the trigger level in the relevant issue (i.e. the distance be-tween the capital ratio and the trigger level)); coupon cancellation and their write-off (i.e. given that the CoCo Bonds are structured in a way that coupon payments are entirely discretionary, the cancellation may happen at any time and even in a going concern without triggering

an event of default); capital structure inversion risk (i.e. CoCo Bonds investors may suffer a loss of capital even when equity holders do not); call extension risk: CoCo-Bonds are issued as perpetual instruments, callable at predetermined levels only with the approval of the com-petent authority; liquidity risk: The issuance of Coco Bonds is generally limited by regulatory prescriptions, whereas investor base demand may further increase. This might lead to a limited trading market and, besides financial weakness of the issuer, legal or contractual re-strictions on resale or transfer, political or other reason, entail reduced liquidity of the CoCo Bonds held by the Sub-Fund. A consequence of reduced liquidity of a secu-rity is an additional discount on the selling respectively liquidation price. In addition, reduced liquidity may ac-count for an adverse impact on the ability of the Sub-Fund to meet redemption requests, or to meet liquidity needs in response to a specific economic event in a timely manner. The investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– Investments in high yield bonds are generally considered to be more risky as opposed to the bonds within the in-vestment grade and, accordingly, to constitute more speculative investments.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment manager’s integration of sustainability risks in the investment decision-making process is re-

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU2191833487 HI (hedged) AUD accumulating Institutional 0.010% - 09.07.2020 0.425% 0.400% noLU1380459195 AH (hedged) CHF distributing Retail 0.050% - 23.03.2016 0.850% 0.800% noLU1734078154 AHN (hedged) CHF distributing Retail 0.050% - 11.12.2017 0.400% 0.400% noLU2270707222 H (hedged) CHF accumulating Retail 0.050% - 17.12.2020 0.850% 0.800% noLU1599320444 HI (hedged) CHF accumulating Institutional 0.010% - 25.04.2017 0.425% 0.400% noLU2270707495 HN (hedged) CHF accumulating Retail 0.050% - 17.12.2020 0.650% 0.400% noLU2054208199 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 0.850% 0.250% noLU1380459278 AH (hedged) EUR distributing Retail 0.050% - 23.03.2016 0.850% 0.800% noLU1599320105 AHI (hedged) EUR distributing Institutional 0.010% - 25.04.2017 0.425% 0.400% noLU1683487620 AHN (hedged) EUR distributing Retail 0.050% - 12.10.2017 0.650% 0.400% noLU1530788238 AQHG (hedged) EUR distributing Institutional 0.010% 50'000'000 05.12.2016 0.425% 0.250% noLU1331789450 AQHN (hedged) EUR distributing Retail 0.050% - 18.12.2015 0.650% 0.400% noLU1551754432 H (hedged) EUR accumulating Retail 0.050% - 31.01.2017 0.850% 0.800% noLU1706316335 HC (hedged) EUR accumulating Retail 0.050% - 31.10.2017 1.350% 1.200% noLU1925065655 HG (hedged) EUR accumulating Institutional 0.010% 50'000'000 08.01.2019 0.425% 0.250% noLU1331789617 HI (hedged) EUR accumulating Institutional 0.010% - 18.12.2015 0.425% 0.400% noLU1734078238 HN (hedged) EUR accumulating Retail 0.050% - 11.12.2017 0.650% 0.400% noLU1267852249 AI GBP distributing Institutional 0.010% - 28.08.2015 0.425% 0.400% noLU1530788402 AQG GBP distributing Institutional 0.010% 50'000'000 05.12.2016 0.425% 0.250% noLU1331789377 AQN GBP distributing Retail 0.050% - 18.12.2015 0.650% 0.400% noLU1368730674 AQNG GBP distributing Retail 0.050% 50'000'000 26.02.2016 0.425% 0.250% noLU1273680238 G GBP accumulating Institutional 0.010% 50'000'000 28.08.2015 0.425% 0.250% noLU1267852082 I GBP accumulating Institutional 0.010% - 28.08.2015 0.425% 0.400% noLU1267852595 N GBP accumulating Retail 0.050% - 28.08.2015 0.650% 0.400% noLU1273680154 R GBP accumulating Retail 0.050% - 28.08.2015 0.850% 0.250% noLU1380459351 AH (hedged) USD distributing Retail 0.050% - 23.03.2016 0.850% 0.800% noLU2301284217 AH1 (hedged) Gross USD distributing Retail 0.050% - 26.02.2021 1.550% 0.600% noLU1767065979 AQHG (hedged) USD distributing Institutional 0.010% 50'000'000 16.02.2018 0.425% 0.250% noLU1410502493 AQHNG (hedged) USD distributing Retail 0.050% 50'000'000 18.05.2016 0.425% 0.250% noLU2133069521 H1 (hedged) USD accumulating Retail 0.050% - 30.03.2020 1.550% 0.600% noLU1767066357 HN (hedged) USD accumulating Retail 0.050% - 09.02.2018 0.650% 0.400% noLU2133069794 UH1 (hedged) USD accumulating Retail 0.050% - 30.03.2020 0.650% 0.300% no

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flected in its responsible investment policy. More infor-mation on the responsible investment policy may be ob-tained from twentyfouram.com/responsible-investment.

The Sub-Fund has recourse to both internal and external ESG research and integrates financially material Sustain-ability Risks into its investment decision-making pro-cesses. More information on how the responsible invest-ment policy is implemented in this Sub-Fund may be obtained from twentyfouram.com/responsible-investment-policy.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s E and S scor-ing model.

The Sub-Fund follows the E and S scoring model and applies either minimum exclusion criteria and/or certain internal and/or external ESG rating assessments which may affect the Sub-Funds investment performance posi-tively or negatively since the execution of the E and S scoring model may result in foregoing opportunities to buy certain securities, and/or selling securities due to their ESG-related characteristics.

Main methodological limits In assessing the eligibility of an issuer based on ESG re-search, there is a dependence upon information and data

from third party ESG research data providers and inter-nal analyses which may be based on certain assump-tions or hypothesis that render it incomplete or inaccu-rate. As a result, there is a risk of inaccurately assessing a security or issuer. There is also a risk that the Invest-ment Manager may not apply the relevant criteria of the ESG research correctly or that the Sub-Fund could have indirect exposure to issuers who do not meet the relevant criteria. These risks pose the main methodological limit to the E and S scoring model of the Sub-Fund. Neither the Fund, nor the Management Company nor the Invest-ment Manager make any representation or warranty, ex-press or implied, with respect to the fairness, correct-ness, accuracy, reasonableness or completeness of an assessment of ESG research and the correct execution of the E and S scoring model.

6 Risk classification The Sub-Fund will apply commitment approach to determine the global risk entailed in its investments.

7 Benchmark The Sub-Fund is actively managed and is not managed with reference to a benchmark.

8 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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40 Vontobel Fund – TwentyFour Sustainable Short Term Bond Income

1 Reference currency GBP

2 Investment objective and policy

Vontobel Fund – TwentyFour Sustainable Short Term Bond Income (the Sub-Fund) is an actively managed sub-fund which aims to achieve a positive total return over a 3-year pe-riod whilst maintaining an annualized volatility of no more than 3%.

The Sub-Fund promotes environmental or social characteris-tics, but does not have as its objective sustainable invest-ment, in accordance with Article 8 SFDR. The Sub-Fund will be screened in accordance with the Investment Manager’s view of appropriate ethical and sustainability principles. The Investment Manager will seek to avoid investments in compa-nies with material production in tobacco, alcohol, gambling, adult entertainment, controversial weapons and carbon inten-sive industries, and companies involved in animal testing for cosmetic purposes. This list is not exhaustive and may change from time to time to reflect new developments and re-search in the field of sustainable investment, for example where technology or social trends evolve. In addition the In-vestment Manager will positively screen companies through a comprehensive analysis process, which may include the use of specialized rating agencies and systems.

The Sub-Fund promotes environmental and social character-istics by following integration and exclusions approaches by investing in debt securities of companies with excellent Envi-ronmental, Social and Governance ratings. Companies must have an ESG rating above a minimum threshold (which ex-cludes a large part of the investment universe) based on the Investment Manager’s proprietary scoring model (positive screening), as well as absolute prohibitions (negative screen-ing) in the sectors listed on our website. In addition to the scoring of securities, the portfolio management system ena-bles the Investment Manager to understand positive or nega-tive changes and to assess individual bonds on a relative value basis, given ESG factors – in this sense the ESG as-sessment does not solely dictate buy or sell recommenda-tions, but it is part of an overall assessment of the validity of an investment decision. Further information on the model, and the ESG approach can be found at twentyfouram.com/responsible-investment.

The implementation of the sustainability selection criteria as described above, and further explained on the webpage leads to the exclusion of at least 20% of potential investments. Main methodological limits are described in section 5 “Risk factors”. The investment universe are the public debt markets, with a focus on short-dated investment grade bonds. This includes assets which are qualified as sustainable, assets that are oth-erwise contributing to environmental or social characteristics and also assets that do not incorporate any environmental or social characteristic. 100% of the securities in the Sub-Fund have the sustainability selection criteria applied to it.

Compliance with the environmental and social characteristics is monitored at all times.

The investee companies are rated for good governance as-pects using governance factors described in the Investment Manager’s ESG model, including but not limited to member-ship of the UN PRI and UN Global Compact.

The Sub-Fund invests in direct holdings in order to meet the promoted environmental or social characteristics.

While respecting the principle of risk diversification, the Sub-Fund's assets are mainly exposed to the fixed-income asset class by investing in bonds and similar fixed-interest and float-ing-rate securities issued by corporate issuers rated invest-ment grade (i.e. at least BBB- (S&P and Fitch), Baa3 (Moody's) or with a comparable rating from another recog-nized rating agency with an expected remaining maturity of less than 5 years. The average time to maturity shall not ex-ceed 3.5 years.

Exposure to asset-backed securities may not exceed 20% of the Sub-Fund's assets.

In addition, the Sub-Fund may be exposed to contingent con-vertible bonds (CoCo Bonds) up to 20% of its net assets.

Up to 33% of the Sub-Fund's assets may be exposed outside of the aforementioned investment universe, in particular to fixed-income securities issued or guaranteed by government, government-related and supra-national issuers or to high yield bonds.

The Sub-Fund may also buy money-market instruments and hold cash. In adverse market conditions, the Sub-Fund is al-lowed to be exposed up to 100% of its net assets to securities issued or guaranteed by government, government-related and supra-national issuers as well as to money-market instru-ments or cash.

The Sub-Fund may be exposed to issuers domiciled world-wide, with no more than 20% of the Sub-Fund's assets ex-posed to emerging markets.

The exposure to the above asset classes may also be estab-lished indirectly via derivatives, traded on an exchange or over-the-counter. Such derivatives shall include, but not be limited to forwards, futures, options (including currency op-tions), swaps, including interest rate and currency swaps as well as credit derivatives, such as credit default swaps.

Derivatives can also be used for hedging purposes.

3 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

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The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

4 Typical investor profile The Sub-Fund is aimed at retail and institutional investors with a desire for a sustainable short– to medium-term invest-ment horizon looking for greater certainty of return with lower volatility.

5 Risk Factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Contingent convertible bonds (CoCo Bonds) are hybrid fixed-income instruments with embedded derivatives that are exercised automatically upon a certain pre-defined event or set of events occurring at the pre-determined conversion rate (the trigger). The outcome of the conver-sion is that a fixed-income security is converted into an equity. This conversion may be detrimental to the Sub-Fund’s investors as the equity holders are subordinated to the holders of the fixed-income securities and absorb all the losses in the event of a total loss. An investment in a CoCo Bond can, therefore, experience a total loss. The specific design of a given CoCo Bond may bring ad-ditional risks which may be significant either on an indi-vidual basis or in combination. These risks may include the following: Trigger level risk (i.e. depending on the dis-tance between the capital ratio and the trigger level); coupon cancellation and write-off (i.e. as CoCo Bond coupon payments are entirely discretionary, cancella-tions may happen at any time and even in a going con-cern without triggering a default event); capital structure inversion risk (i.e. CoCo Bonds investors may suffer a loss of capital even when equity holders do not); call ex-tension risk (i.e. CoCo Bonds are issued as perpetual in-struments, callable at predetermined levels only with the approval of the competent authority); liquidity risk (i.e.

The issuance of Coco Bonds is generally limited by regu-latory prescriptions, whereas investor base demand may further increase, possibly leading to a limited trading market and, besides financial weakness of the issuer, le-gal or contractual restrictions on resale or transfer, politi-cal or other reason, entail reduced liquidity of the CoCo Bonds held by the Sub-Fund). A consequence of re-duced liquidity of a security is an additional discount on the possible liquidation price. In addition, reduced liquid-ity may account for an adverse impact on the ability of the Sub-Fund to meet redemption requests, or to meet li-quidity needs in response to a specific economic event in a timely manner. Investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds. In case of doubt, investors are advised to consult their own financial, legal and/or tax consultant.

– Investments in high yield bonds are generally considered to be more risky than investments in investment grade bonds, and therefore constitute more speculative invest-ments.

– The investments in the emerging markets may be ad-versely affected by political developments, changes in lo-cal laws, taxes and exchange controls in those countries as well as by weaknesses in the settlement processes.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks. The clearest example that illustrates this sce-nario is rising Sustainability Risks across sectors of an economy to varying degrees is climate change, but other examples include human rights, corruption, regulatory failure and biodiversity loss. A company making short run abnormal profits because of a socially predatory busi-ness model or poor governance runs the risk of being regulated, litigated against or publicly shamed.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU2210410036 AHI (hedged) CHF distributing Institutional 0.010% - 27.08.2020 0.425% 0.400% noLU2210410382 AHN (hedged) CHF distributing Retail 0.050% - 27.08.2020 0.650% 0.400% noLU2210410119 H (hedged) CHF accumulating Retail 0.050% - 27.08.2020 0.850% 0.800% noLU2210409962 HI (hedged) CHF accumulating Institutional 0.010% - 27.08.2020 0.425% 0.400% noLU2210410200 HN (hedged) CHF accumulating Retail 0.050% - 27.08.2020 0.650% 0.400% noLU2270707578 HR (hedged) CHF accumulating Retail 0.050% - 18.12.2020 0.850% 0.250% noLU2081487378 AH (hedged) EUR distributing Retail 0.050% - 22.01.2020 0.850% 0.800% noLU2081486727 AHI (hedged) EUR distributing Institutional 0.010% - 22.01.2020 0.425% 0.400% noLU2210410465 AHN (hedged) EUR distributing Retail 0.050% - 27.08.2020 0.650% 0.400% noLU2081487295 H (hedged) EUR accumulating Retail 0.050% - 22.01.2020 0.850% 0.800% noLU2081486560 HI (hedged) EUR accumulating Institutional 0.010% - 22.01.2020 0.425% 0.400% noLU2081486644 HN (hedged) EUR accumulating Retail 0.050% - 27.08.2020 0.650% 0.400% noLU2081485596 AQG GBP distributing Institutional 0.010% 50'000'000 22.01.2020 0.425% 0.250% noLU2081485919 AQI GBP distributing Institutional 0.010% - 22.01.2020 0.425% 0.400% noLU2081485679 AQNG GBP distributing Retail 0.050% 50'000'000 22.01.2020 0.425% 0.250% noLU2081485240 G GBP accumulating Institutional 0.010% 50'000'000 22.01.2020 0.425% 0.250% noLU2081485323 NG GBP accumulating Retail 0.050% 50'000'000 22.01.2020 0.425% 0.250% noLU2113308055 R GBP accumulating Retail 0.050% - 19.02.2020 0.850% 0.250% noLU2210410549 H (hedged) SEK accumulating Retail 0.050% - 27.08.2020 0.850% 0.800% noLU2210409616 AHI (hedged) USD distributing Institutional 0.010% - 27.08.2020 0.425% 0.400% noLU2210409889 AHN (hedged) USD distributing Retail 0.050% - 27.08.2020 0.650% 0.400% noLU2081487709 HI (hedged) USD accumulating Institutional 0.010% - 27.08.2020 0.425% 0.400% noLU2210409707 HN (hedged) USD accumulating Retail 0.050% - 27.08.2020 0.650% 0.400% no

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The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its responsible investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes. More information on the responsible investment policy, and how the Sub-Fund implements Sustainability Risks may be obtained from twentyfouram.com/responsible-investment

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s investment policy.

The Sub-Fund follows a sustainability strategy and ap-plies either minimum exclusion criteria and/or certain in-ternal and/or external ESG rating assessments which may affect the Sub-Funds investment performance posi-tively or negatively since the execution of the ESG strat-egy may result in foregoing opportunities to buy certain securities, and/or selling securities due to their ESG-re-lated characteristics.

Main methodological limits In assessing the eligibility of an issuer based on ESG re-search, there is a dependence upon information and data from third party ESG research data providers and inter-nal analyses which may be based on certain assump-tions or hypothesis that render it incomplete or inaccu-rate. As a result, there is a risk of inaccurately assessing a security or issuer. There is also a risk that the Invest-ment Manager may not apply the relevant criteria of the ESG research correctly or that the Sub-Fund could have indirect exposure to issuers who do not meet the relevant criteria. These risks pose the main methodological limits to the sustainability strategy of the Sub-Fund. Neither the Fund, nor the Management Company nor the Investment Manager make any representation or warranty, express or implied, with respect to the fairness, correctness, ac-curacy, reasonableness or completeness of an assess-ment of ESG research and the correct execution of the ESG strategy.

6 Risk classification The Sub-Fund will apply the commitment approach to deter-mine the global risk arising from its investments.

7 Benchmark The Sub-Fund is actively managed and is not managed with reference to a benchmark.

8 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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41 Vontobel Fund – TwentyFour Strategic Income Fund

1 Reference currency GBP

2 Investment objective and policy Vontobel Fund – TwentyFour Strategic Income Fund (the Sub-Fund) seeks to achieve an attractive level of income along with the opportunity for capital growth.

The Sub-Fund promotes environmental or social characteris-tics, but does not have as its objective sustainable invest-ment, in accordance with Article 8 SFDR.

The Sub-Fund will be screened in accordance with the Invest-ment Manager’s view of appropriate sustainability parameters as measured in the Investment Manager’s proprietary Envi-ronmental (“E”) and Social (“S”) scoring model.

The Sub-Fund promotes environmental and social character-istics by following integration and exclusions approaches by investing in debt securities of companies with strong Environ-mental, Social and Governance ratings.

The Investment Manager applies its proprietary scoring model to calculate an issuer’s E and S combined score. If issuers have an E and S combined score below a minimum threshold they will not be considered for investment. Further information on the E and S scoring model, and the ESG approach can be found at twentyfouram.com/responsible-investment.

Companies must have a combined E and S score above a minimum threshold based on the Investment Manager’s pro-prietary ESG scoring model.

The investment universe consists of all companies that issue debt securities to the capital markets and securitisations of-fered in the capital markets. 100% of the securities in the Sub-Fund have the scoring model applied to it. Main method-ological limits are described in section 5 “Risk factors”.

Compliance with the environmental and social characteristics is monitored at all times. The investee companies are rated for good governance aspects using governance factors de-scribed in the Investment Manager’s ESG model, including but not limited to membership of the UN PRI and UN Global Compact.

As a "strategic income" fund, the Sub-Fund shall build up, ad-hering to the principle of risk diversification, in particular an exposure to the fixed-income asset class on a relative value basis by selecting eligible securities from the world-wide range of fixed-interest and floating rate securities including government, supra-national, corporate bonds, contingent con-vertible bonds and asset-backed securities. There shall be no

constraints on the rating of the securities. The Sub-Fund is not managed to be compared to any specific index.

In addition, the Sub-Fund may purchase contingent converti-ble bonds (so-called CoCo Bonds) up to 49% of its net as-sets. These bonds are issued by banks, typically offering a full banking service, and insurance companies, primarily entities involved in general life, property and casualty insurances, pre-dominantly domiciled in a Member state of the European Un-ion and in the United Kingdom. There shall be no constraints on the rating of the CoCo Bonds. The Sub-Fund may invest in AT1 bonds, RT1 bonds and Tier2 bonds. AT1 (Additional Tier 1 capital) securities are perpetual subordinated debt instru-ments issued by banks whereas RT1 (Restrictive Tier 1 capi-tal) bonds are perpetual subordinated debt instruments issued by insurance companies. Tier 2 capital supports the resolution of issuers and the position of other creditors, such as a bank’s deposit customers, under bankruptcy proceedings.

The exposure to asset-backed securities may not exceed 20% of the Sub-Fund's assets.

Up to 49% of the Sub-Fund's assets may be exposed to asset classes and/or financial instruments outside of the aforemen-tioned investment universe to take advantage of market op-portunities in order to further facilitate the achievement of the investment objective.

The Sub-Fund may also buy money-market instruments and hold cash. In an adverse market environment, the Sub-Fund is allowed to be exposed up to 100% of its assets to money-market instruments and cash.

The exposure to the above asset classes may be also estab-lished indirectly via derivatives, traded on an exchange or over-the-counter. Such derivatives shall include, but not lim-ited to, forwards, futures, swaps (including interest rate and currency swaps), as well as credit derivatives such as credit default swaps. The derivatives can also be used for hedging purposes.

3 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

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The exact amount of remuneration paid is provided in the semi-annual and annual report.

4 Typical investor profile The Sub-Fund is aimed at retail and institutional investors with a medium to long term investment horizon who are aim-ing for income and growth coming from the fixed-income as-set class and who seek an investment which promotes envi-ronmental and social characteristics.

5 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-

Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Trading volumes in certain international bond markets may be appreciably below that of the world's largest mar-kets. Accordingly, investments in such markets may be less liquid and their prices may be more volatile than comparable investments in securities trading in larger markets. Moreover, the settlement periods in certain markets may be longer than in others which may affect portfolio liquidity;

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU2113057546 UAQH1 (hedged) AUD distributing Retail 0.050% - 20.02.2020 0.950% 0.700% noLU2362695319 UAQHN1 (hedged) AUD distributing Retail 0.050% - 16.07.2021 0.950% 0.700% noLU1380459435 AH (hedged) CHF distributing Retail 0.050% - 23.03.2016 1.250% 1.200% noLU1683482407 AHN (hedged) CHF distributing Retail 0.050% - 04.10.2017 0.700% 0.600% noLU2270707065 H (hedged) CHF accumulating Retail 0.050% - 16.12.2020 1.250% 1.200% noLU1325143136 HI (hedged) CHF accumulating Institutional 0.010% - 30.11.2015 0.625% 0.600% noLU2270707149 HN (hedged) CHF accumulating Retail 0.050% - 16.12.2020 0.950% 0.600% noLU1650589929 HR (hedged) CHF accumulating Retail 0.050% - 04.08.2017 1.250% 0.250% noLU2362997244 UAQH1 (hedged) CNH distributing Retail 0.050% - 16.07.2021 0.950% 0.700% noLU2362695582 UAQHN1 (hedged) CNH distributing Retail 0.050% - 16.07.2021 0.950% 0.700% noLU2113058270 UAQH1 (hedged) CNY distributing Retail 0.050% - 20.02.2020 0.950% 0.700% noLU1380459518 AH (hedged) EUR distributing Retail 0.050% - 23.03.2016 1.250% 1.200% noLU1325139290 AHI (hedged) EUR distributing Institutional 0.010% - 30.11.2015 2.000% 0.600% noLU1734078311 AHN (hedged) EUR distributing Retail 0.050% - 11.12.2017 0.950% 0.600% noLU1325137245 AMH (hedged) EUR distributing Retail 0.050% - 30.11.2015 2.250% 1.200% noLU1695534757 AQH (hedged) Gross EUR distributing Retail 0.050% - 10.10.2017 1.250% 1.200% noLU1816229899 AQHG (hedged) EUR distributing Institutional 0.010% 50'000'000 18.05.2018 0.625% 0.450% noLU1325135033 AQHN (hedged) EUR distributing Retail 0.050% - 30.11.2015 0.950% 0.600% noLU1325134226 AQHNG (hedged) EUR distributing Retail 0.050% 50'000'000 30.11.2015 0.625% 0.450% noLU1551754515 H (hedged) EUR accumulating Retail 0.050% - 31.01.2017 1.250% 1.200% noLU1706319271 HC (hedged) EUR accumulating Retail 0.050% - 30.10.2017 2.250% 1.600% noLU1717117623 HG (hedged) EUR accumulating Institutional 0.010% 50'000'000 10.11.2017 0.625% 0.450% noLU1325141510 HI (hedged) EUR accumulating Institutional 0.010% - 30.11.2015 0.625% 0.600% noLU1734078584 HN (hedged) EUR accumulating Retail 0.050% - 11.12.2017 0.950% 0.600% noLU1325133921 HNG (hedged) EUR accumulating Retail 0.050% 50'000'000 30.11.2015 0.625% 0.450% noLU2084840284 HNY (hedged) EUR accumulating Retail 0.050% 500'000'000 10.01.2020 0.625% 0.450% noLU2113058353 UAQH1 (hedged) EUR distributing Retail 0.050% - 20.02.2020 0.950% 0.700% noLU1695534591 AQ GBP distributing Retail 0.050% - 10.10.2017 1.250% 1.200% noLU1322872018 AQG GBP distributing Institutional 0.010% 50'000'000 30.11.2015 0.625% 0.450% noLU1322871630 AQN GBP distributing Retail 0.050% - 30.11.2015 0.950% 0.600% noLU1695534328 AQNG GBP distributing Retail 0.050% 50'000'000 10.10.2017 0.625% 0.450% noLU1322871713 G GBP accumulating Institutional 0.010% 50'000'000 30.11.2015 0.625% 0.450% noLU1322871390 I GBP accumulating Institutional 0.010% - 30.11.2015 0.625% 0.600% noLU1322871556 N GBP accumulating Retail 0.050% - 30.11.2015 2.000% 0.600% noLU1322871986 NG GBP accumulating Retail 0.050% 50'000'000 30.11.2015 0.625% 0.450% noLU1322872109 R GBP accumulating Retail 0.050% - 30.11.2015 2.000% 0.250% noLU2113057629 UAQ1 GBP distributing Retail 0.050% - 20.02.2020 0.950% 0.700% noLU1695534831 AQH (hedged) Gross HKD distributing Retail 0.050% - 10.10.2017 1.250% 1.200% noLU1767066191 H (hedged) HKD accumulating Retail 0.050% - 16.02.2018 1.250% 1.200% noLU1820067186 HI (hedged) NOK accumulating Institutional 0.010% - 01.06.2018 0.625% 0.600% noLU1695534914 AQH (hedged) Gross SGD distributing Retail 0.050% - 10.10.2017 1.250% 1.200% noLU1767066274 H (hedged) SGD accumulating Retail 0.050% - 16.02.2018 1.250% 1.200% noLU2113057462 UAQH1 (hedged) SGD distributing Retail 0.050% - 20.02.2020 0.950% 0.700% noLU2362695400 UAQHN1 (hedged) SGD distributing Retail 0.050% - 16.07.2021 0.950% 0.700% noLU1380459609 AH (hedged) USD distributing Retail 0.050% - 23.03.2016 1.250% 1.200% noLU2219414112 AMH (hedged) USD distributing Retail 0.050% - 09.09.2020 2.250% 1.200% noLU1695534674 AQH (hedged) Gross USD distributing Retail 0.050% - 10.10.2017 1.250% 1.200% noLU1683478801 AQH1 (hedged) USD distributing Retail 0.050% - 13.10.2017 1.850% 1.550% noLU2066061008 AQH1 (hedged) Gross USD distributing Retail 0.050% - 19.11.2019 1.850% 1.550% noLU1683479288 AQHC1 (hedged) USD distributing Retail 0.050% - 13.10.2017 2.350% 1.750% noLU2066061180 AQHC1 (hedged) Gross USD distributing Retail 0.050% - 19.11.2019 2.350% 1.750% noLU1816230046 AQHG (hedged) USD distributing Institutional 0.010% 50'000'000 18.05.2018 0.625% 0.450% noLU1331792082 AQHI (hedged) USD distributing Institutional 0.010% - 18.12.2015 0.625% 0.600% noLU1451580523 AQHNG (hedged) USD distributing Retail 0.050% 50'000'000 22.07.2016 0.625% 0.450% noLU1695535135 H (hedged) USD accumulating Retail 0.050% - 10.10.2017 1.250% 1.200% noLU1683479015 H1 (hedged) USD accumulating Retail 0.050% - 13.10.2017 2.250% 1.550% noLU1683479106 HC1 (hedged) USD accumulating Retail 0.050% - 13.10.2017 2.250% 1.750% noLU1717117896 HG (hedged) USD accumulating Institutional 0.010% 50'000'000 10.11.2017 0.625% 0.450% noLU1325144027 HI (hedged) USD accumulating Institutional 0.010% - 30.11.2015 0.625% 0.600% noLU1767066431 HN (hedged) USD accumulating Retail 0.050% - 09.02.2018 0.950% 0.600% noLU1695535051 HNG (hedged) USD accumulating Retail 0.050% 50'000'000 10.10.2017 0.625% 0.450% noLU2084839948 HNY (hedged) USD accumulating Retail 0.050% 500'000'000 10.01.2020 0.625% 0.450% noLU1933832625 UAQH1 (hedged) USD distributing Retail 0.050% - 24.01.2019 0.950% 0.700% noLU2066061263 UAQH1 (hedged) Gross USD distributing Retail 0.050% - 19.11.2019 0.950% 0.700% noLU1809222539 UH1 (hedged) USD accumulating Retail 0.050% 30.05.2018 0.950% 0.700% no

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– Changes to the financial wealth of the issuer of the fixed income securities may adversely affect their value, may affect their liquidity and make it difficult for the Sub-Fund to sell them;

– High yield securities may be subject to greater price vola-tility due to such factors as specific corporate develop-ments, interest rate sensitivity, general negative percep-tions of the junk bond markets. Trading volumes for high yield securities are generally lower, and as a conse-quence the secondary market for such securities is not as liquid as that for higher-rated securities. The second-ary market for such securities could contract under ad-verse market or economic conditions more than the sec-ondary market for higher-rated securities, independent of any specific adverse changes in the condition of a partic-ular issuer. These factors may have an adverse effect on the ability to dispose of particular high yield securities, the ability to obtain precise valuations, or may require a higher discount as compared to higher rated securities.

– Contingent convertible bonds (so-called CoCo Bonds) are hybrid fixed-income instruments with embedded de-rivatives. The embedded derivative is executed automati-cally upon a certain pre-defined event or a set of events at the pre-determined conversion rate (so-called, trigger). The outcome of the conversion is that a fixed-income se-curity is converted into an equity. This conversion may be detrimental for the investors as the equity holder are subordinated to the holders of the fixed-income securities and absorb all the losses in case of the total loss. An in-vestment in a CoCo Bond can, therefore, experience a total loss. AT1 bonds and RT1 bonds may see their distributions suspended on discretion of the issuing bank or insurance company and ultimately suffer loss of principal in case the issuer fails. Tier2 bonds also suffer a loss of principal should the issuer fail. Individual design of each single CoCo Bond may bring additional risks which may be significant depending on their level and/ or their combination. These risks may in-clude the following: Trigger level risk (i.e. depending on the trigger level in the relevant issue (i.e. the distance be-tween the capital ratio and the trigger level)); coupon cancellation and their write-off (i.e. given that the CoCo-Bonds are structured in a way that coupon payments are entirely discretionary, the cancellation may happen at any time and even in a going concern without triggering an event of default); capital structure inversion risk (i.e. CoCo-Bonds investors may suffer a loss of capital even when equity holders do not); call extension risk: CoCo-Bonds are issued as perpetual instruments, callable at predetermined levels only with the approval of the com-petent authority. The issuance of Coco Bonds is gener-ally limited by regulatory prescriptions, whereas investor base demand may further increase. This might lead to a limited trading market and, besides financial weakness of the issuer, legal or contractual restrictions on resale or transfer, political or other reason, entail reduced liquidity of the CoCo Bonds held by the Sub-Fund. A conse-quence of reduced liquidity of a security is an additional discount on the selling respectively liquidation price. In

addition, reduced liquidity may account for an adverse impact on the ability of the Sub-Fund to meet redemption requests, or to meet liquidity needs in response to a spe-cific economic events in a timely manner.

– The investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The Investment manager’s integration of sustainability risks in the investment decision-making process is re-flected in its responsible investment policy. More infor-mation on the responsible investment policy may be ob-tained from twentyfouram.com/responsible-investment.

The Sub-Fund has recourse to both internal and external ESG research and integrates financially material Sustain-ability Risks into its investment decision-making pro-cesses.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s E and S scor-ing model.

The Sub-Fund follows an E and S scoring model and ap-plies either minimum exclusion criteria and/or certain in-ternal and/or external ESG rating assessments which may affect the Sub-Funds investment performance posi-tively or negatively since the execution of the E and S scoring model may result in foregoing opportunities to buy certain securities, and/or selling securities due to their ESG-related characteristics.

Main methodological limits In assessing the eligibility of an issuer based on ESG re-search, there is a dependence upon information and data from third party ESG research data providers and inter-nal analyses which may be based on certain assump-tions or hypothesis that render it incomplete or inaccu-rate. As a result, there is a risk of inaccurately assessing a security or issuer. There is also a risk that the Invest-ment Manager may not apply the relevant criteria of the ESG research correctly or that the Sub-Fund could have indirect exposure to issuers who do not meet the relevant criteria. These risks pose the main methodological limit to the E and S scoring model of the Sub-Fund. Neither the Fund, nor the Management Company nor the Invest-ment Manager make any representation or warranty, ex-press or implied, with respect to the fairness, correct-ness, accuracy, reasonableness or completeness of an assessment of ESG research and the correct execution of the E and S scoring model.

6 Risk classification The global risk resulting from the Sub-Fund's investments is determined using the absolute value at risk method (absolute VaR). The risk measure will not exceed 20% of the net assets

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of the Sub-Fund. The leverage achieved for investment pur-poses in the Sub-Fund through the use of financial derivative instruments is calculated using the notional approach. The av-erage leverage achieved over the course of the year, calcu-lated as the sum of the notionals of all derivative instruments, is expected to be around 100% or less of the net assets of the Sub-Fund. However, the actual leverage achieved on average may be above or below this value. Also, it is to be noted that the levels of leverage might vary quite significantly over time depending on market environment, where the Investment Manager may decide to increase the Sub-Fund's use of deriv-atives either to hedge market risks or benefit from investment opportunities. Although the leverage figure must be stated, it does not permit any meaningful inference to be drawn as to the risk generated by the leverage. The leverage level as-sessed as per the commitment approach, which corresponds to the notional approach after taking into account netting and hedging techniques, is expected not to exceed 50%.

7 Benchmark The Sub-Fund is actively managed and is not managed with reference to a benchmark.

8 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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42 Vontobel Fund – Multi Asset Solution 1 Reference currency EUR

2 Investment objective and policy Vontobel Fund – Multi Asset Solution (the "Sub-Fund") aims to achieve a steady capital growth while keeping volatility un-der control.

While respecting the principle of risk diversification, a majority of the Sub-Fund's net assets shall be exposed to the fixed-in-come asset class, the equity markets, the alternative invest-ment class and currencies in consideration of the limits set out below. Investments in individual asset classes may be dis-pensed with entirely.

Up to 100% of the Sub-Fund's net assets may be exposed to the fixed-income asset class, including but not limited to pur-chasing bonds, notes and similar fixed-interest and floating-rate securities issued by public and/or private borrowers. The exposure of the Sub-Fund to asset- and mortgage-backed se-curities (ABS/MBS) markets must thereby not exceed 20% of its net assets. The Sub-Fund’s exposure to Contingent Con-vertible Bonds may not exceed 10% of its net assets.

Up to 50% of the Sub-Fund's net assets may be exposed to equity markets by inter alia purchasing equities and equity-like securities, such as participation certificates, etc.

Up to 40% of the Sub-Fund's net assets are further permitted to be exposed to alternative investment classes, in particular to real estate, commodities and precious metals. Exposure to real estate may only be indirect via derivatives, eligible invest-ment funds, including exchange-traded funds, and companies that themselves invest in or manage real estate (such as closed-end Real Estate Investment Trusts (REITs) or Real Estate Investment Companies) whose securities fulfil the re-quirement of transferable securities in the sense of section 9.1 "Financial instruments used by individual Sub-Funds" of the General Part. Exposure to commodities and precious met-als may also only be indirect via other suitable investment funds (UCITS and/or other UCIs), structured products, in par-ticular certificates, and derivatives whose underlyings are eli-gible indices or structured products. Eligible structured prod-ucts are those that are traded on a Regulated Market or another market that is recognized, regulated, open to the pub-lic and operates in a due and orderly fashion, or are admitted for official trading on the securities exchange of a non-mem-ber state and that do not embed any derivatives.

Issuers of transferable securities and other eligible instru-ments may be domiciled worldwide.

The Sub-Fund may further engage in active currency man-agement and may build up exposure to various currencies.

Currency risk may be actively managed by increasing or de-creasing currency exposure through the use of derivative fi-nancial instruments.

The Sub-Fund is furthermore permitted to establish an expo-sure up to 30% of its net assets to other investment classes outside the aforementioned investment universe (the "other investment classes"), e.g. by using dividend-, volatility- or in-flation-linked or similar products.

The cumulative exposure to alternative and other investment classes shall not exceed 40%.

The Sub-Fund may also have temporarily an exposure of up to 100% of its net assets to cash and money markets.

The exposure to the above asset classes may be achieved di-rectly or indirectly via suitable investment funds (UCITS and/or other UCIs), including exchange traded funds and such suitable investment funds managed by a company be-longing to the Vontobel group. The exposure achieved via eli-gible collective investment schemes may amount up to 10% of the Sub-Fund's net assets.

The exposure to the above asset classes may be also achieved directly or indirectly via derivatives, traded on an ex-change or over-the-counter and via structured products. The derivatives shall include, but shall not be limited to forwards, including forward volatility agreements, futures, swaps, includ-ing volatility swaps, credit derivatives, including credit default swaps, as well as options, including options on foreign curren-cies, in particular deliverable currencies, swaptions, options on the above derivative instruments and exotic options.

Derivatives can also be used for hedging purposes.

3 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

In case of investments in target funds (UCITS and/or other UCIs), the total management fees charged to the Sub-Fund, consisting of the Management Fee and those paid to target funds, may not exceed 5% of the Sub-Fund's net asset value.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

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The exact amount of remuneration paid is provided in the semi-annual and annual report.

4 Typical investor profile This Sub-Fund is aimed at private and institutional investors with a medium-term investment horizon, who wish to invest in a broadly diversified portfolio of various asset classes and to achieve a steady capital growth in EUR, while being aware of the associated price fluctuations.

5 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Investments in bonds and equities are subject to price fluctua-tions at all times.

Contingent convertible bonds (so-called CoCo Bonds) are hy-brid fixed-income instruments with embedded derivatives. The embedded derivative is executed automatically upon a certain pre-defined event or a set of events at the pre-determined conversion rate (so-called, trigger). The outcome of the con-version is that a fixed-income security is converted into an eq-uity. This conversion may be detrimental for the investors as the equity holder are subordinated to the holders of the fixed-income securities and absorb all the losses in case of the total loss. An investment in a CoCo Bond can, therefore, experi-ence a total loss. Individual de-sign of each single CoCo Bond may bring additional risks which may be significant depending on their level and/ or their combination. These risks may in-clude the following: Trigger level risk (i.e. depending on the trigger level in the relevant issue (i.e. the distance between the capital ratio and the trigger level)); coupon cancellation and their write-off (i.e. given that the CoCo Bonds are struc-tured in a way that coupon payments are entirely discretion-ary, the cancellation may happen at any time and even in a going concern without triggering an event of default); capital structure inversion risk (i.e. CoCo Bonds investors may suffer a loss of capital even when equity holders do not); call exten-sion risk: CoCo Bonds are issued as perpetual instruments, callable at predetermined levels only with the approval of the competent authority; liquidity risk: The issuance of CoCo Bonds is generally limited by regulatory prescriptions, whereas investor base demand may further in-crease. This might lead to a limited trading market and, besides financial weakness of the issuer, legal or contractual restrictions on re-sale or transfer, political or other reason, entail reduced liquid-ity of the CoCo Bonds held by the Sub-Fund. A consequence of reduced liquidity of a security is an additional discount on the selling respectively liquidation price. In addition, reduced liquidity may account for an adverse impact on the ability of the Sub- Fund to meet redemption requests, or to meet liquid-ity needs in response to a specific economic event in a timely manner. The investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

The use of derivatives for investment purposes may have a substantial leverage effect, potentially multiplying gains but also significantly increasing the risk of loss.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to external and internal ESG research and integrates financially material Sustainability Risks into its investment decision-mak-ing processes. More information on the sustainable invest-ment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

Investors should also note section 9.3 o) of the General Part.

6 Risk classification The Sub-Fund will apply the absolute value at risk method (absolute VaR) to determine the global risk entailed in its in-vestments.

The global risk for the Sub-Fund will not at any time exceed 8% of the Sub-Fund's net assets.

The leverage achieved for investment purposes in the Sub-Fund through the use of derivative financial instruments is cal-culated using the notional approach. The average leverage achieved over the course of the year is expected not to ex-ceed 300% of the net assets of the Sub-Fund. However, the actual leverage achieved on average may be above or below this value. Also, it is to be noted that the levels of leverage might vary quite significantly over time depending on market environment, where the Investment Manager may decide to increase the Sub-Fund's use of derivatives either to hedge market risks or benefit from investment opportunities. Alt-hough this value must be stated, it does not permit any mean-ingful inference to be drawn as to the risk generated by the leverage.

The Sub-Fund may, in accordance with its investment policy, invest in multiple asset classes with different risk profiles. Even investments in asset classes with low risk profiles may be leveraged in such a way that the outcome is a heightened risk profile.

7 Benchmark The Sub-Fund is actively managed and is not managed with reference to a benchmark.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1481720644 B EUR accumulating Retail 0.050% - 17.10.2016 1.650% 1.400% noLU1481721022 C EUR accumulating Retail 0.050% - 17.10.2016 2.650% 2.000% noLU1564308895 I EUR accumulating Institutional 0.010% - 23.02.2017 1.000% 0.700% noLU1683490335 N EUR accumulating Retail 0.050% - 04.12.2017 1.250% 0.700% noLU2331733803 R EUR accumulating Retail 0.050% - 28.04.2021 1.650% 0.250% no

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8 Historical performance The performance for each share class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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43 Vontobel Fund – TwentyFour Monument European Asset Backed Securities

1 Reference currency EUR

2 Investment objective and policy Vontobel Fund – TwentyFour Monument European Asset Backed Securities (the "Sub-Fund") aims to provide an attrac-tive level of income relative to prevailing interest rates whilst maintaining a strong focus on capital preservation.

The Sub-Fund promotes environmental or social characteris-tics, but does not have as its objective sustainable invest-ment, in accordance with Article 8 SFDR.

The Sub-Fund will be screened in accordance with the Invest-ment Manager’s view of appropriate ethical and sustainability principles.

The screening process is designed to avoid investments in ABS transactions with material exposure to or undertaking material production in tobacco, alcohol, gambling, adult enter-tainment, controversial weapons and carbon intensive indus-tries, and companies involved in animal testing for cosmetic purposes. This list is not exhaustive and may change from time to time to reflect new developments and research in the field of environmental, social and governance (ESG) invest-ments, for example where technology or social trends evolve. In addition, the Investment Manager will positively screen transactions through a comprehensive analysis process, which may include the use of specialized rating agencies and systems.

The Sub-Fund promotes environmental and social character-istics by following integration and exclusions approaches by investing in debt securities of companies with excellent ESG ratings.

Issuers must have an ESG rating above a minimum threshold (which excludes a large part of the investment universe) based on the Investment Manager’s proprietary scoring model (positive screening), as well as absolute prohibitions (negative screening) in the sectors listed on the Investment Manager’s website. In addition to the scoring of securities, the portfolio management system enables the Investment Manager to un-derstand positive or negative changes and to assess individ-ual bonds on a relative value basis, given ESG factors – in this sense the ESG assessment does not solely dictate buy or sell recommendations, but it is part of an overall assessment of the validity of an investment decision. Further information on the model, and the ESG approach can be found at twentyfouram.com/responsible-investment.

The investment universe consists of all companies that issue debt securities to the capital markets and securitisations of-fered in the capital markets. This includes assets which are

qualified as sustainable, assets that are otherwise contrib-uting to environmental or social characteristics and also as-sets that do not incorporate any environmental or social char-acteristic. 100% of the securities in the Sub-Fund have the sustainability selection criteria applied to it. Main methodologi-cal limits are described in section 5 “Risk factors”.

The sponsor companies are rated for good governance as-pects using governance factors described in the Investment Manager’s ESG model, including but not limited to member-ship of the UN PRI and UN Global Compact. The Sub-Fund invests in direct holdings in order to meet the promoted envi-ronmental or social characteristics.

While respecting the principle of risk diversification, the Sub-Fund's assets are essentially exposed to the fixed income as-set class, in particular to its asset-backed securities ("ABS") sectors.

The exposure can be built up, inter alia, by purchasing ABS, including mortgage-backed securities ("MBS") and Collateral-ized Loan Obligations ("CLO"), issued by entities domiciled in Europe (incl. the United Kingdom), rated at least BBB- (or equivalent) at the time of investment by one or more of Stand-ard & Poor's, Moody's Investor Services and Fitch. The secu-rities will be backed by the assets of institutions and issuers such as, but not limited to, residential mortgages, commercial mortgages, automobile leases and loans, small and medium enterprises (SME) loans and other secured bonds.

The Sub-Fund may hold liquid assets on an ancillary basis.

The exposure to the above asset class may be also estab-lished indirectly via derivatives, including but not limited to credit derivatives. The derivative may be traded on an ex-change or over-the-counter.

The derivatives may also be used for hedging purposes.

3 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

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The exact amount of remuneration paid is provided in the semi-annual and annual report.

4 Typical investor profile The Sub-Fund is aimed at private and institutional investors with a medium- to long-term investment horizon, who wish to invest in a diversified portfolio of medium- and long-term ABS securities, including MBS and CLOs, and to achieve a rea-sonable level of income and to preserve the invested capital, while being aware of the associated price fluctuations, and who seek an investment which promotes environmental and social characteristics.

5 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on spe-cific risks that investments in this Sub-Fund may entail:

– The term asset-backed security covers a wide range of securities, each of which are backed by assets such as residential mortgages ("residential mortgage-backed se-curities" or "RMBS"), commercial mortgages ("commer-cial mortgage-backed securities" or "CMBS"), pools of loans (Collateralized Loan Obligations or "CLOs"), credit card receivables, automobile, bank loans, leases, corpo-rate debt securities and various types of accounts receiv-able.

– Each ABS is typically backed by a pool of assets repre-senting the obligations of a number of different borrowers or debtors (such as mortgage or credit card borrowers). In some cases however, the security may be backed by a single asset, for example a mortgage relating to a spe-cific commercial property. The value of an ABS can be affected by a number of factors, including: (i) changes in the market's perception of the pool of underlying assets backing the security, (ii) economic and political factors such as levels of unemployment which can have an im-pact on the arrears, foreclosures and losses incurred with respect to the pool of assets backing the security, (iii) changes in the market's perception of the adequacy of credit support built into the security's structure to pro-tect against losses caused by arrears and foreclosures, (iv) changes in the perceived creditworthiness of the orig-inator of the security or any other third parties to the transaction, and (v) the speed at which mortgages or loans within the pool are repaid by the underlying bor-rowers (whether voluntary or due to arrears or foreclo-sures).

– The investment characteristics of ABS differ from tradi-tional debt securities. Among the major differences are that interest and principal payments are made more fre-quently, very often monthly or quarterly. Some ABS can be prepaid (repayment of capital) on interest payment dates and amortise as a result..

– Investments in subordinated ABS involve greater risk of default than the more senior class(es) of the issue or series.

– A significant portion of the portfolio may be invested in securities from a particular country.

– Investments in bonds are subject to price fluctuations at all times. Investments in foreign currencies are also sub-ject to currency fluctuations.

– The use of derivatives for investment purposes may have a substantial leverage effect, potentially multiplying gains but also significantly increasing the risk of loss.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

The clearest example that illustrates this scenario is ris-ing Sustainability Risks across sectors of an economy to varying degrees is climate change, but other examples include human rights, corruption, regulatory failure and biodiversity loss. A company making short run abnormal profits because of a socially predatory business model or poor governance runs the risk of being regulated, liti-gated against or publicly shamed.

The Investment manager’s integration of sustainability risks in the investment decision-making process is re-flected in its responsible investment policy. More infor-mation on the responsible investment policy may be ob-tained from twentyfouram.com/responsible-investment.

The Sub-Fund has recourse to both internal and external ESG research and integrates financially material Sustain-ability Risks into its investment decision-making pro-cesses. While no asset is excluded from investment due solely to Sustainability Risks, in making any final invest-ment decisions, the Investment Manager does so based on a conclusion that any risk revealed, including Sustain-ability Risks, are adequately compensated by the asset’s expected return. More information on how the responsi-ble investment policy is implemented in this Sub-Fund may be obtained from twentyfouram.com/responsible-investment-policy.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1882612648 AH (hedged) CHF distributing Retail 0.050% - 05.11.2018 1.100% 1.000% noLU1602256296 HI (hedged) CHF accumulating Institutional 0.010% - 27.06.2017 0.550% 0.500% noLU1882613299 HN (hedged) CHF accumulating Retail 0.050% - 05.11.2018 0.825% 0.500% noLU1650590000 HR (hedged) CHF accumulating Retail 0.050% - 04.08.2017 1.100% 0.250% noLU1882612564 A EUR distributing Retail 0.050% - 05.11.2018 1.100% 1.000% noLU1602255561 I EUR accumulating Institutional 0.010% - 27.06.2017 0.550% 0.500% noLU1882613026 N EUR accumulating Retail 0.050% - 05.11.2018 0.825% 0.500% noLU1627767970 R EUR accumulating Retail 0.050% - 27.06.2017 1.100% 0.250% noLU1882612721 AH (hedged) GBP distributing Retail 0.050% - 05.11.2018 1.100% 1.000% noLU1882613372 HN (hedged) GBP accumulating Retail 0.050% - 05.11.2018 0.825% 0.500% noLU1999876151 HI (hedged) JPY accumulating Institutional 0.010% - 28.05.2019 0.550% 0.500% noLU1882612994 AH (hedged) USD distributing Retail 0.050% - 05.11.2018 1.100% 1.000% noLU1602256700 HI (hedged) USD accumulating Institutional 0.010% - 27.06.2017 0.550% 0.500% noLU1882613455 HN (hedged) USD accumulating Retail 0.050% - 05.11.2018 0.825% 0.500% no

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The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG Ap-proach.

The Sub-Fund follows an ESG strategy and applies ei-ther minimum exclusion criteria and/or certain internal and/or external ESG rating assessments which may af-fect the Sub-Funds investment performance positively or negatively since the execution of the ESG strategy may result in foregoing opportunities to buy certain securities, and/or selling securities due to their ESG-related charac-teristics.

Main methodological limits In assessing the eligibility of an issuer based on ESG re-search, there is a dependence upon information and data from third party ESG research data providers and inter-nal analyses which may be based on certain assump-tions or hypothesis that render it incomplete or inaccu-rate. As a result, there is a risk of inaccurately assessing a security or issuer. There is also a risk that the Invest-ment Manager may not apply the relevant criteria of the

ESG research correctly or that the Sub-Fund could have indirect exposure to issuers who do not meet the relevant criteria. These risks pose the main methodological limit to the ESG strategy of the Sub-Fund. Neither the Fund, nor the Management Company nor the Investment Man-ager make any representation or warranty, express or implied, with respect to the fairness, correctness, accu-racy, reasonableness or completeness of an assessment of ESG research and the correct execution of the ESG strategy.

6 Risk classification The Sub-Fund will apply commitment approach to determine the global risk entailed in its investments.

7 Benchmark The Sub-Fund is actively managed and is not managed with reference to a benchmark.

8 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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44 Vontobel Fund – Vescore Artificial Intelligence Multi Asset

1 Reference currency EUR

2 Investment objective and policy The investment objective of Vontobel Fund – Vescore Artifi-cial Intelligence Multi Asset (the “Sub-Fund”) is long-term cap-ital appreciation irrespective of the evolvement of the market or of the asset classes that is expected to be achieved by in-vesting worldwide in any permitted financial instrument ac-cording to sections 9.1 and 9.2 of the General Part.

To accomplish its investment objective, the Sub-Fund shall strive at an optimal diversification among various investments and asset classes by employing strategies based on quantita-tive methods and models as well as on artificial intelligence.

While respecting the principle of risk diversification, the Sub-Fund will build up its exposure in particular to the equity mar-kets, to the fixed-income asset class, money markets, curren-cies, volatility as well as to the alternative asset class. The Sub-Fund is permitted to have no exposure to one or another asset class stipulated in the preceding sentence at any time.

The exposure to the equity markets, to the fixed-income asset class and to the money markets may be established directly by purchasing equity and equity-like securities, notes and bonds and money market instruments or indirectly via deriva-tives and other investment funds. Exposure to the asset- or mortgage-backed securities (so-called, ABS/ MBS) may not exceed 20% of the Sub-Fund’s assets.

The exposure to alternative investment classes, in particular to commodities, may only be established indirectly via eligible investment funds (UCITS and/or other UCIs), eligible struc-tured products, in particular certificates, as well as via deriva-tives whose underlyings are eligible indices or eligible struc-tured products.

Currencies and volatility shall only be traded through deriva-tives.

The Sub-Fund may also hold ancillary liquid assets. In ad-verse market environment, the Sub-Fund is permitted to hold up to 100% of its assets in liquid assets.

The exposure achieved via eligible UCITS and/or other UCIs may not exceed 10% of the Sub-Fund’s assets. Eligible UCITS and/or other UCIs may include undertakings for collec-tive investment managed by a company belonging to the Von-tobel Group.

Eligible structured products must qualify as securities pursu-ant to Art. 41 (1) of the 2010 Law. These are traded on a Reg-ulated Market or another market that is recognized, regulated, open to the public and operates in a due and orderly fashion, or are admitted for official trading on the securities exchange of a non-member state and that do not embed any deriva-tives.

The derivative instruments may be traded on an exchange or over-the-counter (in particular, credit derivatives such as credit default swaps).

Derivatives can also be used for hedging purposes.

3 Total Return Swaps The Sub-Fund may enter into one or more total return swaps (“TRS”) to gain exposure to asset classes as specified above. The use of TRS forms an important part of the investment ap-proach of the Sub-Fund and can also serve hedging pur-poses.

Types of underlyings to TRS may include equities, equity-like transferable securities, participation certificates, eligible indi-ces or eligible structured products on commodities, bonds and money market instruments.

The Sub-Fund exposure to TRS expressed as the sum of no-tionals is expected to range between 0% and 160% of the net assets of the Sub-Fund. In cases where this range is ex-ceeded, exposures should remain below 200%.

All revenues (less transaction costs) from TRS are accrued to the Sub-Fund.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU2260684571 H (hedged) CHF accumulating Retail 0.050% - 21.01.2021 1.100% 1.000% noLU1879232046 HI (hedged) CHF accumulating Institutional 0.010% - 26.10.2018 0.550% 0.500% noLU2054208439 HR (hedged) CHF accumulating Retail 0.050% - 10.12.2019 1.100% 0.250% noLU1879231311 A EUR distributing Retail 0.050% - 26.10.2018 1.100% 1.000% noLU1879231402 B EUR accumulating Retail 0.050% - 26.10.2018 1.100% 1.000% noLU1879231584 C EUR accumulating Retail 0.050% - 26.10.2018 1.600% 1.500% noLU1879231667 I EUR accumulating Institutional 0.010% - 26.10.2018 0.550% 0.500% noLU1879231741 N EUR accumulating Retail 0.050% - 26.10.2018 0.825% 0.500% noLU1879231824 R EUR accumulating Retail 0.050% - 26.10.2018 1.100% 0.250% noLU1879232129 HI (hedged) GBP accumulating Institutional 0.010% - 26.10.2018 0.550% 0.500% noLU2260684902 H (hedged) USD accumulating Retail 0.050% - 21.01.2021 1.100% 1.000% no

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5 Typical Investor Given the investment objective and investment policy of the Sub-Fund, the Sub-Fund is only appropriate for retail and in-stitutional investors who seek capital appreciation over the long term and are willing to take on increased risks associ-ated with investing in all of the above asset classes and who are ready to bear the risk of potentially high volatility of the Sub-Fund’s portfolio. The detailed risk considerations in the main part of the Prospectus should be read before investing in this Sub-Fund.

6 Risk Factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Investments in bonds and equities are subject to price fluctua-tions at all times.

The use of derivatives for investment purposes may have a substantial leverage effect magnifying gains but also having a magnification effect in case of loss.

Currency trading is very speculative and is strongly depend-ent on the skills of the portfolio manager. In currency trading, the portfolio manager gives up bets against the market fore-cast in relation to the evolvement of various currencies which (the market forecast), in turn, is based on certain economic rules. In case of an inaccurate forecast of the evolvement of the relevant currency pair by the portfolio manager, the Sub-Fund suffers a loss. Before investing in the Sub-Fund, the in-vestors should consider that in case of an unfavorable evolve-ment of the currency market, the active currency trading can lead to substantial losses.

Volatility trading is very speculative and is strongly dependent on the skills of the portfolio manager. In volatility trading, the portfolio manager gives up bets on the volatility of the market and employs special strategies (e.g. straddles or strangles). By doing so, the forecast is made on the market movements as such and not on its direction. In case of an inaccurate fore-cast by the portfolio manager, the Sub-Fund suffers a loss. Before investing in the Sub-Fund, the investors should con-sider that in case of an unfavorable evolvement, active volatil-ity trading can lead to substantial losses.

Investment in the alternative assets can be very speculative. Before investing in the Sub-Fund, the investors should con-sider that it cannot be ruled out that the recovered amount will be less than the amount originally invested or even that the investment will suffer a total loss.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to external ESG research and integrates financially material Sustainability Risks into its investment decision-making pro-cesses. More information on the sustainable investment pol-icy, and on how the sustainable investment policy is imple-mented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

7 Risk classification The Sub-Fund will apply the absolute value at risk method (absolute VaR) to determine the global risk entailed in its in-vestments.

The leverage achieved for investment purposes in the Sub-Fund through the use of derivative financial instruments is cal-culated using the notional approach. The average leverage achieved over the course of the year is expected not to ex-ceed 400% of the net assets of the Sub-Fund. However, the actual leverage achieved on average may be above or below this value. Also, it is to be noted that the levels of leverage might vary quite significantly over time depending on market environment, where the Investment Manager may decide to increase the Sub-Fund's use of derivatives either to hedge market risks or benefit from investment opportunities. Alt-hough this value must be stated, it does not permit any mean-ingful inference to be drawn as to the risk generated by the leverage.

The Sub-Fund may, in accordance with its investment policy, invest in multiple asset classes with different risk profiles. Even investments in asset classes with low risk profiles may be leveraged in such a way that the outcome is a heightened risk profile.

8 Benchmark The Sub-Fund is actively managed and is not managed with reference to a benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am

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45 Vontobel Fund – Multi Asset Defensive

1 Reference currency EUR

2 Investment objective and policy Vontobel Fund – Multi Asset Defensive (the “Sub-Fund”) aims to achieve a steady capital growth while keeping volatility un-der control.

While respecting the principle of risk diversification, up to 100% of the Sub-Fund’s net assets may be exposed to the fixed-income asset class, by, including but not limited to, pur-chasing bonds, notes and similar fixed-interest and floating-rate securities issued by public and/or private borrowers. The exposure of the Sub-Fund to asset- and mortgage-backed se-curities (ABS/MBS) markets must thereby not exceed 20% of its net assets and the exposure to contingent convertible bonds (CoCo-Bonds) must thereby not exceed 5% of its net assets.

Investments in fixed-interest and floating-rate securities with a rating below BBB- (S&P and Fitch), Baa3 (Moody’s) or a com-parable rating of another recognized rating agency may not exceed 10% of the Sub-Fund’s net assets.

Up to 30% of the Sub-Fund's net assets may be exposed to equity markets by inter alia purchasing equities and equity-like securities, such as participation certificates, etc.

Up to 30% of the Sub-Fund's net assets are further permitted to be exposed to the alternative investment class, in particular to real estate, commodities and precious metals. Exposure to real estate may only be indirect via eligible structured prod-ucts like Delta-1-certificates (meaning that for a given move in the price of the underlying asset there is expected to be an identical move in the price of the certificate), eligible invest-ment funds, including exchange-traded funds, and companies that themselves invest in or manage real estate (such as closed-ended Real Estate Investment Trusts (REITs) or Real Estate Investment Companies (REICs)) whose securities fulfil the requirement of transferable securities in the sense of sec-tion 9.1 “Financial instruments used by individual Sub-Funds” of the General Part, and derivatives whose underlyings are such eligible instruments or eligible real estate indices. Expo-sure to commodities and precious metals may also only be in-direct via other suitable investment funds (UCITS and/or other UCIs), structured products, in particular certificates, and deriv-atives whose underlyings are eligible indices or structured products.

The Sub-Fund may further engage in active currency man-agement and may build up exposure to various currencies. Currency risk may be actively managed by increasing or de-creasing currency exposure through the use of derivatives.

The Sub-Fund may also have an exposure of up to 100% of its net assets to cash and money markets.

The exposure to the above asset classes may also be achieved indirectly via derivatives, traded on an exchange or over-the-counter, via UCITS and/or other UCIs, including ex-change traded funds, and via structured products.

Suitable UCITS and/or other UCIs may include undertakings for collective investment managed by a company belonging to the Vontobel Group. The exposure achieved via eligible UCITS and/or other UCIs may amount to up to 100% of the Sub-Fund's net assets.

The derivatives shall include, but shall not be limited to, for-wards, futures, swaps, credit derivatives, including credit de-fault swaps, as well as options, including options on foreign currencies, in particular deliverable currencies, swaptions and options on the above derivative instruments.

Eligible structured products are those that are traded on a Regulated Market or another market that is regulated, oper-ates regularly and is recognized and open to the public, or are admitted for official trading on the securities exchange of a non-Member State and that do not embed any derivatives.

Derivatives can also be used for hedging purposes.

3 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

In case of investments in target funds (UCITS and/or other UCIs), the total management fees charged to the Sub-Fund, consisting of the Management Fee and those paid to target funds, may not exceed 5% of the Sub-Fund's net asset value.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

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The exact amount of remuneration paid is provided in the semi-annual and annual report.

4 Typical investor profile This Sub-Fund is aimed at retail and institutional investors with a short-term to medium-term investment horizon, who wish to invest in a broadly diversified portfolio of fixed income securities, equities, alternative investments and currencies and to achieve a steady capital growth in EUR, while being aware of the associated price fluctuations.

5 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Investments in bonds, equities, alternative investments and currencies are subject to price fluctuations at all times.

The use of derivatives for investment purposes may have a substantial leverage effect, potentially multiplying gains but also significantly increasing the risk of loss.

Currency trading is very speculative and is strongly depend-ent on the skills of the Investment Manager. In currency trad-ing, the Investment Manager gives up bets against the market forecast in relation to the evolvement of various currencies which (the market forecast), in turn, is based on certain eco-nomic rules. In case of an inaccurate forecast of the evolve-ment of the relevant currency pair by the Investment Man-ager, the Sub-Fund suffers a loss. Before investing in the Sub-Fund, the investors should consider that in case of an unfavorable evolvement of the currency market, the active currency trading can lead to substantial losses.

Investment in alternative assets can be very speculative. Be-fore investing in the Sub-Fund, the investors should consider that it cannot be ruled out that the recovered amount will be less than the amount originally invested or even that the in-vestment will suffer a total loss.

Investments in CoCo-Bonds are considered to harvest an above-average yield, but these investments may entail signifi-cant risks such as coupon cancellation risk, capital structure inversion risk, call extension risk, yield/valuation risk, among others. The above-average yield might also be a full or partial compensation for an increased level of risk of investments in CoCo-Bonds.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to

external and internal ESG research and integrates financially material Sustainability Risks into its investment decision-mak-ing processes. More information on the sustainable invest-ment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

Investors should also note section 9.3 o) of the General Part.

6 Risk classification The Sub-Fund will apply the absolute value at risk method (absolute VaR) to determine the global risk entailed in its in-vestments.

The global risk for the Sub-Fund will not at any time exceed 3% of the Sub-Fund’s net assets.

The leverage achieved for investment purposes in the Sub-Fund through the use of derivative financial instruments is cal-culated using the notional approach. The average leverage achieved over the course of the year is expected not to ex-ceed 100% of the net assets of the Sub-Fund. However, the actual leverage achieved on average may be above or below this value. Also, it is to be noted that the levels of leverage might vary quite significantly over time depending on market environment, where the Investment Manager may decide to increase the Sub-Fund's use of derivatives either to hedge market risks or benefit from investment opportunities. Alt-hough this value must be stated, it does not permit any mean-ingful inference to be drawn as to the risk generated by the leverage.

The Sub-Fund may, in accordance with its investment policy, invest in multiple asset classes with different risk profiles. Even investments in asset classes with low risk profiles may be leveraged in such a way that the outcome is a heightened risk profile.

7 Benchmark The Sub-Fund is actively managed and is not managed with reference to a benchmark.

8 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeLU1767066860 H (hedged) CHF accumulating Retail 0.050% - 31.05.2018 0.850% 0.700% noLU1767067082 HI (hedged) CHF accumulating Institutional 0.010% - 15.03.2018 0.425% 0.350% noLU1700372789 B EUR accumulating Retail 0.050% - 30.11.2017 0.850% 0.700% noLU1737595923 C EUR accumulating Retail 0.050% - 31.05.2018 1.350% 0.950% noLU1700372862 E EUR accumulating Institutional 0.010% - 30.11.2017 0.850% 0.150% noLU1700372946 I EUR accumulating Institutional 0.010% - 30.11.2017 0.425% 0.350% noLU1767067249 N EUR accumulating Retail 0.050% - 31.05.2018 0.650% 0.350% noLU1700373084 R EUR accumulating Retail 0.050% - 30.11.2017 0.850% 0.250% noLU1767066944 H (hedged) USD accumulating Retail 0.050% - 31.05.2018 0.850% 0.700% noLU1767067165 HI (hedged) USD accumulating Institutional 0.010% - 31.05.2018 0.425% 0.350% no

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46 Vontobel Fund – Vescore Global Equity Multi Factor

1 Reference currency USD

2 Investment Objective and Policy The Vontobel Fund – Vescore Global Equity Multi Factor (the “Sub-Fund”) aims to achieve superior risk-adjusted returns compared to its benchmark and a long-term capital apprecia-tion. The Sub-Fund follows a global equity multi-factor strat-egy. Companies are chosen in selected developed countries that are deemed to be attractive under the factor approach. The selection is mainly based on quantitative models and uses a systematic investment process. The Sub-Fund will be exposed, in particular, to the factors momentum, quality, value, size and minimum volatility via equities and equity-like securities targeting long-term capital growth.

The Sub-Fund will be exposed to at least two thirds of its total assets to the equity markets of developed countries inter alia by purchasing equities and equity-like securities. Up to 33% of the Sub-Fund's assets may be invested outside the aforementioned investment universe, in particular in fixed-income or money market instruments.

The exposure achieved via UCITS and/or other UCIs may not exceed 10% of the Sub-Fund’s assets. Suitable UCITS and/or other UCIs may include undertakings for collective investment managed by a company belonging to the Vontobel Group.

The Sub-Fund may also hold cash.

The exposure to the above asset classes may also be estab-lished indirectly via derivative instruments traded on ex-changes or over-the-counter.

The derivatives may also be used for hedging purposes.

3 Subscription, redemption and conversion of shares By way of derogation from the provisions of Sections 12 to 14 of the General Part, the subscription applications duly re-ceived on any Business Day (Subscription Day) shall be set-tled at the issue price calculated two Business Days after the Subscription Day based on the closing prices of the Business Day immediately following the Subscription Day. The payment of the issue price must be received by the Depositary within three Business Days following the Subscription Day.

The above provision applies to redemption and conversion applications mutatis mutandis.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The applicable rates of Management Fee and taxe d’abonne-ment and the minimum subscription amount, if any, are stipu-lated in the share class table below.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical Investor Given the Investment Objective and Policy, the Sub-Fund is only appropriate for investors who seek capital appreciation over the long term, are willing to take on the increased risks associated with investing in equities denominated in different currencies, and can withstand the volatility of the Sub-Fund. Thus, this Sub-Fund may not be appropriate for investors, who plan to withdraw their money within 5 years. The detailed risk considerations in the main part of the Prospectus should be read before investing in this Sub-Fund.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund.

Investments in bonds, equities, alternative investments and currencies are subject to price fluctuations at all times.

The Sub-Fund’s investments may be subject to Sustainability Risks.

The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to external and internal ESG research and integrates financially material Sustainability Risks into its investment decision-mak-ing processes. More information on the sustainable invest-ment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be subject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG approach.

7 Risk classification The global exposure of the Sub-Fund is calculated using the Commitment Approach.

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8 Benchmark The Sub-Fund is actively managed. Its benchmark is the MSCI World Index TR net and is used to compare the perfor-mance of the Sub-Fund. For the purpose of performance comparison for hedged share classes, the benchmark in the reference currency of the Sub-Fund may be used..

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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47 Vontobel Fund – Asian Bond 1 Reference currency USD

2 Investment objective and policy Vontobel Fund – Asian Bond (the Sub- Fund) aims to achieve attractive investment returns in USD.

While respecting the principle of risk diversification, the Sub-Fund's assets are primarily exposed to the fixed-income asset class by amongst others purchasing bonds, notes and similar fixed-interest rate and floating-rate securities, including dis-tressed securities, convertibles and contingent convertibles as well as ABS/MBS, warrant bonds, denominated in hard cur-rencies, as defined below, and issued or guaranteed by cor-porate or government, government-related and supra-national issuers domiciled in, having their business activity in or ex-posed to Asia. Investment instruments do not have neces-sarily to have any or any specific rating. The investments shall be made in a broad range of rating categories, in particular in the high yield sector, including distressed securities.

The exposure to the high yield sector of the fixed-income as-set class may be established up to 100% of the Sub-Fund’s net assets.

In addition, the Sub-Fund may be exposed to contingent con-vertible bonds (so-called CoCo Bonds) up to 20% of its net assets.

Further, the Sub-Fund may build up an exposure to non-rated securities up to 30% of its net assets.

A maximum of 25% of the Sub-Fund's assets may be ex-posed to convertible bonds and warrant bonds.

Exposure to distressed securities (i.e. securities that are typi-cally rated with a Standard & Poor’s rating below CCC- (or an equivalent rating from another rating agency)) may not ex-ceed 10% of the Sub-Fund’s net assets.

The exposure to asset-backed and mortgage-backed securi-ties may not exceed 20% of the Sub-Fund's net assets.

"Hard currency" means currencies of economically developed and politically stable countries that are OECD members.

“Asia” in connection with this Sub-Fund are all countries con-sidered as such by the World Bank, the International Finance Corporation or the United Nations or that are included in the J.P. Morgan Asia Credit Index (JACI) Diversified.

Up to 33% of the Sub-Fund's assets may be exposed to asset classes or instruments outside the aforementioned investment universe, including fixed-interest rate and floating-rate securi-ties issued or guaranteed by corporate or government, gov-ernment-related and supra-national issuers domiciled in, hav-ing their business activity in or exposed to other regions than Asia, money market instruments and equities. Equities are

only eligible as a result of a conversion event for convertible bonds.

The Sub-Fund may also hold cash up to 33% of its net as-sets.

Currency or credit risk may be actively managed by increas-ing or decreasing currency or credit exposure through the use of derivative financial instruments. Furthermore, interest rate risk may be actively managed by increasing or decreasing in-terest rate sensitivity (duration) through the use of financial derivative instruments.

The exposure to the above asset classes may be established also indirectly via financial derivative instruments, traded on exchange or over-the-counter and may include, but are not limited to forwards and futures, in particular foreign exchange forwards and futures, options and swaps, in particular credit default swaps and interest rate swaps.

The derivatives may also be used for the purposes of hedg-ing.

The exposure achieved via eligible UCITS and/or other UCIs may not exceed 10% of the Sub-Fund’s assets. Suitable UCITS and/or other UCIs may include undertakings for collec-tive investment managed by a company belonging to the Von-tobel Group.

3 Single swing pricing The Sub-Fund is subject to single swing pricing and may ap-ply a Single Swing Pricing Factor of up to 3% of the net asset value.

4 Issue, redemption and conversion of shares By way of derogation from the provisions of Sections 12 to 14 of the General Part, the subscription applications duly re-ceived on any Business Day (Subscription Day) shall be set-tled at the issue price calculated two Business Days after the Subscription Day. The payment of the issue price must be re-ceived by the Depositary within three Business Days following the Subscription Day.

The above provision applies to redemption and conversion applications mutatis mutandis.

5 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part.

The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class.

The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeB USD accumulating Retail 0.050% - 1.100% 1.100% noH (hedged) EUR accumulating Retail 0.050% - 1.100% 1.100% noI USD accumulating Institutional 0.010% - 0.550% 0.550% noHI (hedged) EUR accumulating Institutional 0.010% - 0.550% 0.550% no

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6 Typical investor profile The Sub-Fund is aimed at private and institutional investors with a medium- to long-term investment horizon who wish to invest in a broadly diversified portfolio of medium- and long-term fixed interest rate and variable rate and floating rate se-curities and to achieve an appropriate income and capital gain, while being aware of the associated price fluctuations.

7 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Distressed securities are the securities of issuers that are in financial distress or near bankruptcy, typically with a Standard & Poor´s rating below CCC- (or an equivalent rating from another agency). Investments in distressed securities are very speculative and their outcome strongly depends on the securities selection skills of the portfolio manager. In the case of the favorable outcome, the investment may yield an attractive return as the dis-tressed securities may experience too high discount in their price which is not justified by the fair value of this security. In the reversed case, the total loss may be suf-fered by the investment if the issuer of the security goes bankrupt and investors do not receive any repayment on their borrowings.

– Distressed securities not only exhibit a higher degree of risk as compared to the risks inherent to the conventional investments in fixed-income securities, but also modify the importance of those and even become subject to risk types which are almost irrelevant for the debt securities of good standing.

– In the sector of the distressed securities, a judicial risk gains importance (so-called “J-risk”). As stated above, the distressed securities may be involved in the bank-ruptcy process. During this process, it is usual that sev-eral court trials take place. Particular risks arise resulting from the uncertainty of the outcome of this trials, in par-ticular out of the decisions made by the relevant judge.

– Investments in high-yield bonds are more risky and gen-erally considered to constitute more speculative invest-ments. These bonds comprise a higher credit risk, higher price fluctuations, a higher risk of loss of capital deployed and of ongoing earnings than bonds with a higher credit rating. The high-yield bonds are generally more sensitive to the changes in the macroeconomic conditions. The spread to the higher rated securities tends to widen dur-ing the economic slowdown and recession and to tighten during the economic upswing. Higher coupon payable to the high-yield bond holders is considered a compensa-tion for a higher degree of risk taken by the investors.

– Liquidity risk is very important in the high yield bond area, in particular for the distressed securities. Given that many investors are not willing or even not allowed to hold distressed securities, the trading of these securities dete-riorates drastically once a security becomes distressed. This may lead to drying up of the market, so that the li-quidity risk may even become the most prominent risk for

this type of the securities. Liquidity risk refers to the ina-bility of the Sub-Fund to sell a security or liquidate a posi-tion at its fair value. A common consequence of reduced liquidity of a security resp. of a position is an additional discount on the selling resp. liquidation price leading to a wider bid-ask spread as compared to the bid-ask spread charged by the brokers to similar securities which have higher liquidity. In addition, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet re-demption requests, or to meet liquidity needs in response to a specific economic event in a timely manner. Contin-gent convertible bonds (so-called CoCo Bonds) are hy-brid fixed-income instruments with embedded deriva-tives. The embedded derivative is executed automatically upon a certain pre-defined event or a set of events at the pre-determined conversion rate (so-called, trigger). The outcome of the conversion is that a fixed-income security is converted into an equity. This conversion may be detri-mental for the investors as the equity holder are subordi-nated to the holders of the fixed-income securities and absorb all the losses in case of the total loss. An invest-ment in a CoCo Bond can, therefore, experience a total loss. Individual design of each single CoCo Bond may bring additional risks which may be significant depending on their level and/ or their combination. These risks may include the following: Trigger level risk (i.e. depending on the trigger level in the relevant issue (i.e. the distance be-tween the capital ratio and the trigger level)); coupon cancellation and their write-off (i.e. given that the CoCo Bonds are structured in a way that coupon payments are entirely discretionary, the cancellation may happen at any time and even in a going concern without triggering an event of default); capital structure inversion risk (i.e. CoCo Bonds investors may suffer a loss of capital even when equity holders do not); call extension risk: CoCo-Bonds are issued as perpetual instruments, callable at predetermined levels only with the approval of the com-petent authority; liquidity risk: The issuance of Coco Bonds is generally limited by regulatory prescriptions, whereas investor base demand may further increase. This might lead to a limited trading market and, besides financial weakness of the issuer, legal or contractual re-strictions on resale or transfer, political or other reason, entail reduced liquidity of the CoCo Bonds held by the Sub-Fund. A consequence of reduced liquidity of a secu-rity is an additional discount on the selling respectively liquidation price. In addition, reduced liquidity may ac-count for an adverse impact on the ability of the Sub- Fund to meet redemption requests, or to meet liquidity needs in response to a specific economic event in a timely manner. The investors are strongly advised to consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– Investments may be made in countries where the local capital markets may not yet qualify as recognized mar-kets within the meaning of the investment restrictions set out in this Sales Prospectus.

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– This Sub-Fund's investments may be subject to a higher degree of risk. The stock markets and the economies of emerging markets in Asia are generally volatile. This Sub-Fund's investments in certain emerging markets in Asia may also be adversely affected by political develop-ments and/or changes in local laws, taxes and exchange controls. Finally, in some countries, it is difficult to clearly identify what conditions of ownership apply to certain companies as a result of ongoing privatization pro-cesses; The procedures for settling securities transac-tions are associated with higher risks in the emerging markets in Asia than in developed markets. These higher risks are partly due to the fact that the Sub-Fund must use brokers and counterparties which do not have a very high level of capitalization, and the safekeeping of assets may in some countries be undependable, so that upon subscription or redemption, Fund shares may be worth less, or more, than at the time they were created.

– The Sub-Fund’s investments may be subject to Sustaina-bility Risks.

– The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is re-flected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG re-search and integrates financially material Sustainability Risks into its investment decision-making processes. While no asset is excluded from investment due solely to Sustainability Risks, the Investment Manager must con-clude that any risk revealed, including Sustainability Risks, as part of the ESG research are adequately com-pensated by the assets expected return. More infor-mation on the sustainable investment policy, and on how the sustainable investment policy is implemented in this Sub-Fund may be obtained from vontobel.com/SFDR.

– The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach.

8 Risk classification The Sub-Fund will apply the commitment approach to deter-mine the global risk entailed in its investments.

9 Benchmark The Sub-Fund is actively managed. Its benchmark is the J.P. Morgan Asia Credit Index (JACI) Diversified and is also used to compare the performance of the Sub-Fund.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition and performance of the benchmark.

10 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.

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48 Vontobel Fund – Sustainable Emerging Markets Investment Grade Opportunities

1 Reference currency USD

2 Investment objective and policy Vontobel Fund – Sustainable Emerging Markets Investment Grade Opportunities (the Sub-Fund) aims to achieve attrac-tive investment returns in USD by amongst other investing pri-marily in emerging market debt securities in accordance with the Investment Manager’s ESG strategy. The Sub-Fund pro-motes environmental or social characteristics, but does not have as its objective a sustainable investment. The Sub-Fund is categorized as Article 8 SFDR.

While respecting the principle of risk diversification, the Sub-Fund's assets are primarily exposed to the fixed-income asset class by among others purchasing bonds (including sustaina-bility-linked bonds such as Green Bonds, Social Bonds, Blue Bonds, according to international standards such as the Green Bond Principles and the Social Bond Principles of the International Capital Market Association (ICMA), etc.), notes and similar fixed-interest rate and floating-rate securities, in-cluding distressed securities, convertibles and contingent con-vertibles as well as ABS/MBS, warrant bonds, denominated in hard currencies, as defined below, and issued or guaranteed by corporate or government, government-related and supra-national issuers domiciled in, having their business activity in or exposed to emerging markets in accordance with the ESG (environmental, social and governance) strategy of the Invest-ment Manager.

Investment instruments do not have necessarily to have any or any specific rating. The investments shall be made with a minimum of 90% in the rating range of investment grade.

The exposure to the high yield sector of the fixed-income as-set class may be established up to 10% of the Sub-Fund’s net assets. If the exposure to the high yield sector would exceed the limit of 10% due to downgrades of investments which were rated at the time of investment as investment grade, the investment manager will sell investments to the high yield sector within a reasonable timeframe and in the best interest of the shareholders to reduce the exposure to the high yield sector below 10%.

In addition, the Sub-Fund may be exposed to contingent con-vertible bonds (so-called CoCo Bonds) up to 20% of its net assets.

Further, the Sub-Fund may build up an exposure to non-rated securities up to 10% of its net assets.

A maximum of 25% of the Sub-Fund's assets may be ex-posed to convertible bonds and warrant bonds.

Exposure to distressed securities (i.e. securities that are typi-cally rated with a Standard & Poor’s rating below CCC- (or an equivalent rating from another rating agency)) may not ex-ceed 10% of the Sub-Fund’s net assets.

The exposure to asset-backed and mortgage-backed securi-ties may not exceed 20% of the Sub-Fund's net assets.

"Hard currency" means currencies of economically developed and politically stable countries that are OECD members.

Emerging markets in connection with this Sub-Fund are all countries other than Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ire-land, Italy, Japan, Luxembourg, Monaco, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom and the United States of America.

Up to 33% of the Sub-Fund's assets may be exposed to asset classes or instruments outside the aforementioned investment universe in accordance with the ESG strategy of the Invest-ment Manager, including fixed-interest rate and floating-rate securities issued or guaranteed by corporate or government, government-related and supra-national issuers domiciled in, having their business activity in or exposed to developed mar-kets, money market instruments and equities. Equities are only eligible as a result of a conversion event for convertible bonds..

The Sub-Fund may also hold cash up to 33% of its net as-sets.

Currency or credit risk may be actively managed by increas-ing or decreasing currency or credit exposure through the use of derivative financial instruments. Furthermore, interest rate risk may be actively managed by increasing or decreasing in-terest rate sensitivity (duration) through the use of financial derivative instruments.

The exposure to the above asset classes may be established also indirectly via financial derivative instruments, traded on exchange or over-the-counter and may include, but are not limited to forwards and futures, in particular foreign exchange forwards and futures, options and swaps, in particular credit default swaps and interest rate swaps.

The derivatives may also be used for the purposes of hedg-ing.

The exposure achieved via eligible UCITS and/or other UCIs may not exceed 10% of the Sub-Fund’s assets. Suitable UCITS and/or other UCIs may include undertakings for collec-tive investment managed by a company belonging to the Von-tobel Group.

The environmental and/or social characteristics promoted by the Sub-Fund consist of integrating ESG criteria in the invest-ment process by directing investments into securities of more sustainable governmental and corporate issuers that meet the Investment Manager’s ESG criteria.

The ESG investment process consists of a quantitative screening based on third-party and in-house provider data fol-lowed by a qualitative analysis of the material Sustainability Risks. Material Sustainability Risks include but are not limited to: for sovereigns – quality of institutions, respect for human rights, sufficiency of social safety net, etc., for corporates – treatment of employees, energy efficiency measures, board structures, product safety and business ethics.

Securities of corporate issuers are selected by categorizing sectors based on their ESG exposure with a negative and positive screening.

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The Sub-Fund further applies minimum exclusion criteria to avoid companies that do not comply with the UN Global Com-pact criteria or are e.g. engaged in or derive a certain percent-age of their revenues from alcohol, weapons, tobacco, gam-bling, coal mining, coal-based utilities or thermal coal.

Based on ESG scores from third-party researchers, the In-vestment Manager selects securities from companies that manage their Sustainability Risks in a more efficient way for a given level of Sustainability Risk exposure. Respective measures are taken from reputable third-party research pro-viders.

Securities of governmental or municipal issuers are selected applying the Investment Manager’s proprietary ESG scoring system which includes criteria measuring the wellbeing of the relevant country (Gross National Income per capita, life ex-pectancy, etc.) taken versus the resources spent to achieve it, as well as social and institutional factors (income distribution, human rights, etc.), Countries committing to sustainability principles are expected to have a stronger institutional frame-work as well as sounder social and environmental develop-ment that should allow for sustainable long-term economic growth. ESG analysis is therefore part of the fundamental country analysis and an indicator of a country’s ability to achieve long-term stable growth locally and globally.

At least 90% of the securities in the Sub-Fund have the sus-tainability selection criteria, as described above, applied to it. By applying the above selection criteria, the Sub-Fund ex-cludes at least 20% of its investment universe. Main methodo-logical limits are described in section 7 “Risk factors”. The in-vestment universe is the emerging markets debt market.

The Investment Manager assesses good governance prac-tices of the issuers by monitoring them for ESG controversies and engages on a best efforts basis with government bodies with regards to ESG policies and to promote sustainability awareness.

3 Single swing pricing The Sub-Fund is subject to single swing pricing and may ap-ply a Single Swing Pricing Factor of up to 3% of the net asset value.

4 Fees, expenses and commissions The fees and expenses that may be charged to the Share Classes of the Sub-Fund are described in section 20 "Fees and expenses" of the General Part. The Service Fee shall be charged to all the Share Classes and amount to maximum 1.0494% per annum of the net asset value of a share class. The Subscription Fee may amount up to 5% of the net asset value per share, the Redemption Fee may amount up to 0.3% of the net asset value per share and the Conversion Fee may amount up to 1% of the net asset value per share.

The exact amount of remuneration paid is provided in the semi-annual and annual report.

5 Typical investor profile The Sub-Fund is aimed at private and institutional investors with a medium- to long-term investment horizon who wish to invest in a broadly diversified portfolio of medium- and long-term fixed interest rate and variable rate and floating rate se-curities and to achieve an appropriate income and capital gain, while being aware of the associated price fluctuations, and who seek an investment which promotes ESG character-istics.

6 Risk factors Investors are advised to read section 7 "Notice Regarding Special Risks" of the General Part and should duly note the contents thereof prior to making any investment in the Sub-Fund. Please refer to the details below for information on risks that investments in this Sub-Fund may entail:

– Distressed securities are the securities of issuers that are in financial distress or near bankruptcy, typically with a Standard & Poor´s rating below CCC- (or an equivalent rating from another agency). Investments in distressed securities are very speculative and their outcome strongly depends on the securities selection skills of the portfolio manager. In the case of the favorable outcome, the investment may yield an attractive return as the dis-tressed securities may experience too high discount in their price which is not justified by the fair value of this security. In the reversed case, the total loss may be suf-fered by the investment if the issuer of the security goes

bankrupt and investors do not receive any repayment on their borrowings.

– Distressed securities not only exhibit a higher degree of risk as compared to the risks inherent to the conventional investments in fixed-income securities, but also modify the importance of those and even become subject to risk types which are almost irrelevant for the debt securities of good standing.

– In the sector of the distressed securities, a judicial risk gains importance (so-called “J-risk”). As stated above,

– the distressed securities may be involved in the bank-ruptcy process. During this process, it is usual that sev-eral court trials take place. Particular risks arise resulting from the uncertainty of the outcome of this trials, in par-ticular out of the decisions made by the relevant judge.

– Investments in high-yield bonds are more risky and gen-erally considered to constitute more speculative invest-ments. These bonds comprise a higher credit risk, higher price fluctuations, a higher risk of loss of capital deployed and of ongoing earnings than bonds with a higher credit rating. The high-yield bonds are generally more sensitive to the changes in the macroeconomic conditions. The spread to the higher rated securities tends to widen dur-ing the economic slowdown and recession and to tighten during the economic upswing. Higher coupon payable to

ISIN Share Class Currency Distr. Policy Investor Type Tax d'Abo Min. subscr. Launch date Mgmt Fee Max Mgmt Fee eff. Performance FeeB USD accumulating Retail 0.050% - 1.100% 1.100% noH (hedged) EUR accumulating Retail 0.050% - 1.100% 1.100% noI USD accumulating Institutional 0.010% - 0.550% 0.550% noHI (hedged) EUR accumulating Institutional 0.010% - 0.550% 0.550% no

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the high-yield bond holders is considered a compensa-tion for a higher degree of risk taken by the investors.

– Liquidity risk is very important in the high yield bond area, in particular for the distressed securities. Given that many investors are not willing or even not allowed to hold distressed securities, the trading of these securities dete-riorates drastically once a security becomes distressed. This may lead to drying up of the market, so that the li-quidity risk may even become the most prominent risk for this type of the securities. Liquidity risk refers to the ina-bility of the Sub-Fund to sell a security or liquidate a posi-tion at its fair value. A common consequence of reduced liquidity of a security resp. of a position is an additional discount on the selling resp. liquidation price leading to a wider bid-ask spread as compared to the bid-ask spread charged by the brokers to similar securities which have higher liquidity. In addition, reduced liquidity may have an adverse impact on the ability of the Sub-Fund to meet re-demption requests, or to meet liquidity needs in response to a specific economic event in a timely manner.

– Contingent convertible bonds (so-called CoCo Bonds) are hybrid fixed-income instruments with embedded de-rivatives. The embedded derivative is executed automati-cally upon a certain pre-defined event or a set of events at the pre-determined conversion rate (so-called, trigger). The outcome of the conversion is that a fixed-income se-curity is converted into an equity. This conversion may be detrimental for the investors as the equity holder are subordinated to the holders of the fixed-income securities and absorb all the losses in case of the total loss. An in-vestment in a CoCo Bond can, therefore, experience a total loss. Individual design of each single CoCo Bond may bring additional risks which may be significant de-pending on their level and/ or their combination. These risks may include the following: Trigger level risk (i.e. de-pending on the trigger level in the relevant issue (i.e. the distance between the capital ratio and the trigger level)); coupon cancellation and their write-off (i.e. given that the CoCo Bonds are structured in a way that coupon pay-ments are entirely discretionary, the cancellation may happen at any time and even in a going concern without triggering an event of default); capital structure inversion risk (i.e. CoCo Bonds investors may suffer a loss of capi-tal even when equity holders do not); call extension risk: CoCo-Bonds are issued as perpetual instruments, calla-ble at predetermined levels only with the approval of the competent authority; liquidity risk: The issuance of Coco Bonds is generally limited by regulatory prescriptions, whereas investor base demand may further increase. This might lead to a limited trading market and, besides financial weakness of the issuer, legal or contractual re-strictions on resale or transfer, political or other reason, entail reduced liquidity of the CoCo Bonds held by the Sub-Fund. A consequence of reduced liquidity of a secu-rity is an additional discount on the selling respectively liquidation price. In addition, reduced liquidity may ac-count for an adverse impact on the ability of the Sub- Fund to meet redemption requests, or to meet liquidity needs in response to a specific economic event in a timely manner. The investors are strongly advised to

consult the General Part of the Prospectus for a more detailed description of the risks of investing in CoCo Bonds. In case of doubts, the investors are advised to consult their own financial, legal and/or tax consultant.

– Investments may be made in countries where the local capital markets may not yet qualify as recognized mar-kets within the meaning of the investment restrictions set out in this Sales Prospectus.

– This Sub-Fund's investments may be subject to a higher degree of risk. The stock markets and the economies of emerging markets are generally volatile. This Sub-Fund's investments in certain emerging markets may also be ad-versely affected by political developments and/or changes in local laws, taxes and exchange controls. Fi-nally, in some countries, it is difficult to clearly identify what conditions of ownership apply to certain companies as a result of ongoing privatization processes; The pro-cedures for settling securities transactions are associ-ated with higher risks in the emerging markets than in developed markets. These higher risks are partly due to the fact that the Sub-Fund must use brokers and coun-terparties which do not have a very high level of capitali-zation, and the safekeeping of assets may in some coun-tries be undependable, so that upon subscription or redemption, Fund shares may be worth less, or more, than at the time they were created.

The Sub-Fund’s investments may be subject to Sustaina-bility Risks. The Investment Manager’s integration of Sustainability Risks in the investment decision-making process is reflected in its sustainable investment policy. The Sub-Fund has recourse to both internal and external ESG research and integrates financially material Sustain-ability Risks into its investment decision-making pro-cesses. While no asset is excluded from investment solely due to Sustainability Risks, the Investment Man-ager must conclude that any risk revealed, including Sus-tainability Risks, as part of the ESG research are ade-quately compensated by the assets expected return. More information on the sustainable investment policy, and on how the sustainable investment policy is imple-mented in this Sub-Fund may be obtained from vontobel.com/SFDR.

The Sustainability Risks that the Sub-Fund may be sub-ject to are likely to have a low impact on the value of the Sub-Fund’s investments in the medium to long term due to the mitigating nature of the Sub-Fund’s ESG ap-proach. Main methodological limits In assessing the eligibility of an issuer based on ESG re-search, there is a dependence upon information and data from third party ESG research data providers and inter-nal analyses which may be based on certain assump-tions or hypothesis that render it incomplete or inaccu-rate. As a result, there is a risk of inaccurately assessing a security or issuer. There is also a risk that the Invest-ment Manager may not apply the relevant criteria of the ESG research correctly or that the Sub-Fund could have indirect exposure to issuers who do not meet the relevant

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criteria. These risks pose a main methodological limit to the Sustainability strategy of the Sub-Fund. Neither the Fund, nor the Management Company nor the Investment Manager make any representation or warranty, express or implied, with respect to the fairness, correctness, ac-curacy, reasonableness or completeness of an assess-ment of ESG research and the correct execution of the Sustainability ESG strategy.

7 Benchmark The Sub-Fund is actively managed. Its benchmark is the J.P. Morgan EM Blended (JEMB) Hard Currency Credit 50-50 (EMBI GD/CEMBI BD) Investment Grade and is used to com-pare the performance of the Sub-Fund. For the purpose of performance comparison for hedged share classes, a hedged variant of the benchmark in the relevant share class currency may be used.

The Investment Manager can, however, make investments for the Sub-Fund at his or her own discretion and the portfolio of the Sub-Fund is, therefore, likely to deviate significantly from the composition of the benchmark.

The benchmark is not consistent with the environmental or social characteristics promoted by the Sub-Fund.

8 Risk classification The Sub-Fund will apply the commitment approach to deter-mine the global risk entailed in its investments.

9 Historical performance The performance for each Share Class of this Sub-Fund can be found in the respective KIID. KIIDs can be obtained from the registered office of the Fund and at vontobel.com/am.